(a) Late Payment Amount
| No: 43013189 | Date(g): 19/9/2021 | Date(h): 12/2/1443 |
Effective from 2021-09-19 - Sep 18 2021
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If the parties have specified in Annex I that this paragraph 14 shall apply, if all or any part of any sum due and payable by a Party (the "Paying Party") under the terms of this Agreement is not paid to the other Party (the “Affected Party") on the due date (the "Due Date”), a late payment amount (the “Late Payment Amount") shall be payable on such amount as calculated in accordance with sub-paragraph (b) below.
(i) For the purposes of sub-paragraph (b) below, the unpaid amount due from the Paying Party shall be called the “Unpaid Sum”; and
(ii) the period beginning on (and including) the Due Date and ending on (but excluding) the date upon which the obligation of the Paying Party to pay the Unpaid Sum is discharged in full shall be called the “Applicable Period".