10.1. The Customer shall be considered in default of the Agreement if:
10.1.1. The Customer fails to pay the Price in accordance with Clause 5;
10.1.2. The Customer fails to perform any of its obligations under the Agreement;
10.1.3. The Supplier reasonably believes that there is a significant risk that the Customer is or will be unable to pay its debts as and when they fall due;
10.1.4. 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;
10.1.5. The Customer dies, becomes incapacitated or indicates (expressly or by conduct) that it is about to cease to carry on business;
10.1.6. A receiver, manager, liquidator (provisional or otherwise) or similar person is appointed in respect of the Customer or any asset of the Customer.
10.2. Upon the happening of any of the events in Clause 10.1, all amounts owing by the Client to the Supplier, whether or not due for payment, shall become immediately due and payable.
10.3. Without prejudice to any other rights of the Supplier, the Customer may be charged a monthly account keeping fee of $25.00 on any payment in arrears.
10.4. The Customer agrees that the account keeping fee is a genuine pre-estimate of the actual loss and damage suffered by the Supplier as a result of the Customer’s late payment and shall be regarded as liquidated damages.
10.5. Without prejudice to any other rights of the Supplier, the Customer may be charged interest on any payment that not paid by due date as stipulated on the tax invoice(s) at the cash rate target as set from time to time by the Reserve Bank of Australia plus 2%. The Supplier shall not charge Interest on the monthly account keeping fee.
Customer’s liability on default
10.6. If the Supplier does not receive the outstanding balance of the Price by the due date as determined in accordance with Clause 5 herein or the Price or any part thereof becomes payable as a result of the operation of Clause 10.2 (“Default Date”), the Supplier may, without prejudice to any other remedy it may have, forward the Customer’s outstanding account to a debt collection agency for further action. The Customer acknowledges and agrees that:
10.6.1. After the Default Date, the Outstanding Balance shall include, but not limited to, all applicable fees and charges under this Agreement;
10.6.2. In the event of the Customer being in default of the obligation to pay and the overdue account is then referred to a debt collection agency, or law firm for collection the commission payable and legal costs incurred on an indemnity basis shall be added to the amount outstanding and form part of the debt and in the event where the collection agency charges commission on a contingency basis the commission which would be charged if it achieved one hundred percent (100%) recovery shall be added to the debt and the total shall be treated as a liquidated sum
10.7. The Customer is also responsible for all expenses in relation to the collection of the outstanding balance including, but not limited to, all charges and fees, legal costs on an indemnity basis, and disbursements.