PAYMENT TERMS
On or before the thirtieth (30th) day after the later occurring of the following (a) the day of the date all such contracted for labor, materials, and services are complete or (b) the day of the date the Company provides Owner/Agent(s) with its final invoice, Owner/Agent must pay to the Company the full amount owed to the Company for the labor, material, and services provided or (c) when billing the insurance carrier directly and payment is issued directly to Owner/Agent(s); Owner/Agent(s) has fifteen (15) days to pay the
company. If payment is not made collection/lien process will commence. If Owner/Agent(s) fails to pay the Company within the time set forth in this provision, Owner/Agent(s) owes interest, of 1.5%, accrued monthly, on the full amount owed to the Company for the labor, material, and services provided, to the Company. Additionally, the Company shall be entitled to reimbursement for costs of collection (including reasonable attorney's fees and costs) of unpaid amounts by Owner/Agent(s) and for reasonable attorney's fees and costs for the breach, or enforcement, of any terms of this contract.
CANCELLATION
If, prior to commencement of the Company’s provision of labor, materials, and services, Owner/Agent(s) cancels, rescinds, or otherwise seeks to terminate, including by making the performance of this contract impracticable, this contract, Owner/Agent(s), on or before the thirtieth day after the day of the date after such action, must pay to the Company liquidated damages equal to ten percent (10%) of the total amount of the labor, materials, and services that would have been furnished as reasonably estimated by the Company. If, after commencement of the Company’s provision of labor, materials, and services, Owner/Agent(s) cancels, rescinds, or otherwise seeks to terminate, including by making the performance of this contract impracticable, this contract, Owner/Agent(s), on or before the thirtieth day after the day of the date after such action, must pay to the Company (a) the full amount owed to the Company for the labor, material, and services provided and (b) liquidated damages equal to ten percent (10%) of the total amount of the additional labor, materials, and services that would have been furnished as reasonably estimated by the Company. If Owner/Agent(s) fails to pay the Company within the time set forth in this provision, Owner/Agent(s) owes interest, of 1.5%, accrued monthly, on the full amount owed to the Company for the labor, material, and services provided, to the Company. Additionally, the Company shall be entitled to reimbursement for costs of collection (including reasonable attorney's fees and costs) of unpaid amounts by Owner/Agent(s) and for reasonable attorney's fees and costs for the breach, or enforcement, of any terms of this contract.