Interest on Outstanding Payments - GMSLA Provision
Commentary
15 in a Nutshell™ (gmsla edition)
15. Interest: If either Party fails to make payments when due it must pay interest on the outstanding balance between the original due date and the date of actual payment at the default interest rate set out in paragraph 11.7. Interest will compound and accrue daily on an actual/actual basis. No interest is payable on any day where one Party tries to make a payment the other cannot receive it.
See Also
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