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Late Payment Interest, Work Suspension & Collection Costs β€” Contract Clause Generator

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Attorney-Structured Clause Text: Late Payment Interest, Work Suspension & Collection Costs

"Overdue balances accrue interest at 1.5% per month (18% APR) or the maximum rate permitted by law, plus a $50 administrative late fee after seven (7) days past due. Provider reserves the right to pause all ongoing work, staging environments, or deliveries on accounts more than seven (7) days past due without liability for resulting schedule delays. Client shall reimburse Provider for any reasonable legal or collection agency costs incurred to recover overdue balances."
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