INTERTANKO Late Payment Clause
24 February 2023
If Charterers fail to pay freight in full so as to be received by Owners within three/five (3/5) days after it is due, or in the case of demurrage within 30 days after it is invoiced, interest shall accrue on the overdue amount, from the due date up to and including the day when it is made at a rate per annum which shall be three percent (3%) above US Prime. Interest shall be calculated on the basis of a three hundred and sixty (360) day year and shall be paid on the date when payment of the sum due is made.
