If the Licensee does not pay the Licence Fee or any other sums owing to OKG under this Agreement within fourteen (14) days of its due date (whether or not formally demanded), the Licensee must pay interest at the rate of ten percent (10%) per annum (or such other rate as may be reasonably determined by OKG from time to time at its discretion), calculated on a daily basis and on the basis of the actual number of days in the year (both before and after judgment) on that sum as from the due date until the sum is paid to OKG.
The Licensee shall pay interest on any overdue payments of the Licence Fees, GST (if applicable) or any other monies under this Licence Agreement, based on the prevailing late payment interest rate(s) as determined by OKG from time to time to be applicable and chargeable on any such overdue payments, from the date such monies fall due for payment until the date of actual payment (both before and after judgment), subject always to a minimum interest charge of $15.00.
Such late payment interest rate(s) shall not in any event, exceed 12% per annum. The Licensee shall access the said website from time to time to find out the applicable and chargeable rate(s) and shall be deemed to have notice of such rate(s). The prevailing interest rate is 10% per annum and this will be the applicable rate under this Licence Agreement until such time it is varied by OKG.