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12. Default and Consequences of Default

12.1 Interest on overdue invoices shall accrue daily from the date when payment becomes due, until the date of payment, at a rate of two and a half percent (2.5%) per calendar month (and at Cedar’s sole discretion such interest shall compound monthly at such a rate) after as well as before any judgment.

12.2 If the Customer owes Cedar any money the Customer shall indemnify Cedar from and against all costs and disbursements incurred by Cedar in recovering the debt (including but not limited to internal administration fees, legal costs on a solicitor and own client basis, Cedar’s Contract default fees, and bank dishonour fees).

12.3 Without prejudice to any other remedies Cedar may have, if at any time the Customer is in breach of any obligation (including those relating to payment) under these terms and conditions Cedar may suspend or terminate the supply of Goods to the Customer. Cedar will not be liable to the Customer for any loss or damage the Customer suffers because Cedar has exercised its rights under this clause.

12.4 Without prejudice to Cedar’s other remedies at law Cedar shall be entitled to cancel all or any part of any order of the Customer which remains unfulfilled and all amounts owing to Cedar shall, whether or not due for payment, become immediately payable if:

(a) any money payable to Cedar becomes overdue, or in Cedar’s opinion the Customer will be unable to make a payment when it falls due;

(b) the Customer becomes insolvent, convenes a meeting with its creditors or proposes or enters into an arrangement with creditors, or makes an assignment for the benefit of its creditors; or

(c) a receiver, manager, liquidator (provisional or otherwise) or similar person is appointed in respect of the Customer or any asset of the Customer.

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