Common use of Statement Balance Clause in Contracts

Statement Balance. The total account balance at the end of each billing period. Total Due – All charges on the billing statement that are due and which must be paid by the due date to avoid interest charges. Past Due – The total of unpaid amounts that are due, including fees, charges, interest and penalties. Amounts are considered past due when not paid by the due date. The past due balance does not include any new charges added to an account since the last billing or charges assigned future due dates. Delinquent Account – Any account in which the required payments have not been received and credited.