Late payment

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

Sample clause

 * “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.”