1. Clients are asked to meet all requests for payments (including Operating Deposits) promptly to avoid unnecessary administrative and financing costs.
2. It is fundamental to the contract between us that payment must be made on time. Overdue payments will attract late payment charges and contractual interest as set out below. These are not penalties but are designed to compensate us for the extra professional time and administration costs that are incurred because of a customer’s failure to make payments on time.
3. In the event of any payment falling overdue by more than 14 days or such earlier date as specified in the authorisation an administration charge of £195 will be added plus interest of 15% per annum calculated from the original due date till that date, we receive payment. Any such administration charges and interest shall be billed as part of our general disbursements and expenses.
4. In the event of any late payment charge remaining unpaid by more than one month after the first request for payment additional administration charges of £150 for every month (or part month) will be added. In addition, all debt recovery costs (including but not limited to all legal and solicitors’ costs) shall be recoverable from the Client on a total indemnity basis.
5. In the event of any payment or Operating Deposit not being received on time we reserve the right to suspend services until all payments due from the Client (including payment of all late charges, interest, and costs) have been received. However, notwithstanding any such suspension of services, the Client shall still be liable for payment of all outstanding sums.