Definition Edit

A late payment is a contractually required payment that is not made on or before the time stipulated in the agreement.

Sample contract clause Edit

If Licensee fails to pay any fees or royalties when due and payable, Licensee agrees that Licensor will have the right to invoice and Licensee will pay a late payment charge of 1-1/2 percent per month, but not in excess of the lawful maximum, on any past due balance.

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