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.
Appears in 3 contracts
Sources: Parks Bond Management and Professional Services Agreement, Professional Services, Professional Services Agreement