Overdue payments.

If any amount you owe us is not paid by the due date then:

(a) all money that you owe us on any account becomes immediately payable despite any previously agreed credit conditions;

(b) we may charge you interest on any amount from the due date until payment, calculated daily, at the rate prescribed from time to time as payable on judgments for monetary sums awarded by the High Court of New Zealand, and interest may be capitalised each month so that cumulative interest may be payable;

(c) in our discretion, and as an alternative to paragraph (b), we may charge interest at the rate of 2% per month on the balance overdue (including interest) at the end of each month;

(d) if we charge interest under this clause, we will credit any part payment first against the interest; and

(e) you agree you are liable for all our costs, losses and expenses relating to recovering overdue payments from you, including debt collection agents fees and cost, and lawyers’ fees and expenses that we incur.