Maturity Payment Date
If any of the payment deadlines is not respected all the delayed payment will become immediately due.
In addition, as a penalty and enforcement of the law; the Buyer will be legally liable for a penalty for late payment, calculated by applying the full amount due, in interest rate applied by the BCE increased by three times the legal interest rate. In all cases, the non-payment of any invoices to the deadline means a serious breach by the Buyer of its obligations. Crown Scientific Industries may immediately suspend any delivery and require that Buyer shall pay to Crown Scientific Industries (a) the reasonable costs and expenses incurred by Crown Scientific Industries in connection with all actions taken to enforce collection or to preserve and protect Crown Scientific Industries’ rights hereunder, whether by legal proceedings or otherwise, including without limitation reasonable attorneys’ fees, court costs and other expenses, and (b) interest on all amounts unpaid after 30 days charged at the lesser of (i) the rate of 1.5% per month (18% annum) or (ii) the highest rate permitted by law. These late penalties are due on the day following the settlement date on the invoice without the need of a reminder
In addition, as a penalty and enforcement of the law; the Buyer will be legally liable for a penalty for late payment, calculated by applying the full amount due, in interest rate applied by the BCE increased by three times the legal interest rate. In all cases, the non-payment of any invoices to the deadline means a serious breach by the Buyer of its obligations. Crown Scientific Industries may immediately suspend any delivery and require that Buyer shall pay to Crown Scientific Industries (a) the reasonable costs and expenses incurred by Crown Scientific Industries in connection with all actions taken to enforce collection or to preserve and protect Crown Scientific Industries’ rights hereunder, whether by legal proceedings or otherwise, including without limitation reasonable attorneys’ fees, court costs and other expenses, and (b) interest on all amounts unpaid after 30 days charged at the lesser of (i) the rate of 1.5% per month (18% annum) or (ii) the highest rate permitted by law. These late penalties are due on the day following the settlement date on the invoice without the need of a reminder