Penalty for Delayed Payments Sample Clauses

The Penalty for Delayed Payments clause establishes a financial consequence for parties who fail to make payments by the agreed-upon due date. Typically, this clause specifies a fixed fee or an interest rate that accrues on overdue amounts, applying to invoices or scheduled payments that remain unpaid beyond the deadline. By imposing a monetary penalty, the clause incentivizes timely payment and compensates the receiving party for the inconvenience or financial impact of late payments.
Penalty for Delayed Payments. If the Authorisee fails to make the Annual Lease rental payments to TSRTC, the Advance Annual Lease Rentals(Security Deposit), (6 months payments on advance basis) and yearly enhancement of advance Annual Lease Rental within the stipulated period, a penalty @ 18% per annum on the outstanding amounts would be effective from and including the due date to excluding the date of payment.
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Penalty for Delayed Payments. The Municipality shall pay interest at an annual rate equal to ▇▇▇▇▇ Fargo Bank, N.A.’s prime rate plus one and one-half percent (1 ½%) (said amount of interest not to exceed any limitation provided by law) on Fees not paid and received within sixty (60) days from date of receipt by the Consultant’s monthly invoice, such interest being calculated from the due date of the payment, so long as said delay is not caused by the Consultant.
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Penalty for Delayed Payments. Penal / Overdue Charges 3% per month till the time such amounts remain unpaid
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Penalty for Delayed Payments. Payments owed to the Consultant but not made within sixty (60) days of the receipt of an invoice shall bear simple interest at the rate of one percent (1%) per month commencing upon the 61st day following such invoice receipt where the Consultant affirmatively advises the Municipality in writing following the Due Date but prior to the 61st day following the receipt of an invoice that it will seek interest on an unpaid invoice.
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Related to Penalty for Delayed Payments

  • Delayed Payments The Parties hereto agree that payments due from one Party to the other Party under the provisions of this Agreement shall be made within the period set forth therein, and if no such period is specified, within 30 (thirty) days of receiving a demand along with the necessary particulars. Unless otherwise specified in this Agreement, in the event of delay beyond such period, the defaulting Party shall pay interest for the period of delay calculated at a rate equal to 5% (five per cent) above the Bank Rate, and recovery thereof shall be without prejudice to the rights of the Parties under this Agreement including Termination thereof.

  • Delayed Payment Premium balances that remain unpaid for more than thirty (30) days after the Remittance Date will incur interest from the end of the reporting period. The Remittance Date is defined as thirty (30) days after the end of the reporting period. Interest will be calculated using the index specified in Article 13.5 − Interest Rate.

  • Indemnity for Returned Payments If, after receipt of any payment of, or proceeds applied to the payment of, all or any part of the Obligations, the Agent or any Lender is for any reason compelled to surrender such payment or proceeds to any Person, because such payment or application of proceeds is invalidated, declared fraudulent, set aside, determined to be void or voidable as a preference, impermissible setoff, or a diversion of trust funds, or for any other reason, then the Obligations or part thereof intended to be satisfied shall be revived and continue and this Agreement shall continue in full force as if such payment or proceeds had not been received by the Agent or such Lender, and the Borrower shall be liable to pay to the Agent, and hereby does indemnify the Agent and the Lenders and hold the Agent and the Lenders harmless for, the amount of such payment or proceeds surrendered. The provisions of this Section 4.9 shall be and remain effective notwithstanding any contrary action which may have been taken by the Agent or any Lender in reliance upon such payment or application of proceeds, and any such contrary action so taken shall be without prejudice to the Agent's and the Lenders' rights under this Agreement and shall be deemed to have been conditioned upon such payment or application of proceeds having become final and irrevocable. The provisions of this Section 4.9 shall survive the termination of this Agreement.

  • Prohibited Payments, Etc Except during the continuance of a Default (including the commencement and continuation of any proceeding under any Bankruptcy Law relating to any other Loan Party), each Guarantor may receive regularly scheduled payments or payments made in the ordinary course of business from any other Loan Party on account of the Subordinated Obligations. After the occurrence and during the continuance of any Default (including the commencement and continuation of any proceeding under any Bankruptcy Law relating to any other Loan Party), however, unless required pursuant to Section 7.07(d), no Guarantor shall demand, accept or take any action to collect any payment on account of the Subordinated Obligations.

  • Deferred Payments “Deferred Payments” means any severance pay or benefits to be paid or provided to Executive (or Executive’s estate or beneficiaries) pursuant to this Agreement and any other severance payments or separation benefits to be paid or provided to Executive (or Executive’s estate or beneficiaries), that in each case, when considered together, are considered deferred compensation under Section 409A.