Total Peaking Services, L. L. C.
Original Volume No. 1
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Effective Date: 04/01/1998, Docket: CP96-339-001, Status: Effective
Original Sheet No. 74 Original Sheet No. 74 : Effective
GENERAL TERMS AND CONDITIONS
(Continued)
12. BILLING (Continued)
12.4 Late Payments. Should Customer fail to make timely payment of
part or all of the amount of any bill, payment, when made, either
partly or all, shall be deemed a late payment and Total Peaking
shall charge interest from the due date of payment until the
actual date of payment at an annual interest rate equal to two
percent (2%) above the prime rate published under "Money Rates"
by the Wall Street Journal, or the maximum legal rate, whichever
is lesser, prorated for the number of days that the payment was
late.
Total Peaking shall bill Customer for any interest due under this
subsection in its next billing for gas service, and Customer
shall pay such amount in accordance with Subsection 12.3 above.
Notwithstanding the foregoing provisions of this subsection,
where a Customer fails to make timely payments three times during
any twelve-month period, the applicable interest rate for
subsequent late payments during such twelve month period shall be
twice the sum of the current national prime interest rate plus 1-
1/2 percent, but not in excess of the maximum lawful rate. Total
Peaking may waive the interest on a late payment made within five
days of the due date where Customer has diligently paid its prior
bills on time, and lateness in payment is of a nonrecurring
nature.
Should Customer fail to pay the bill for thirty days after
payment is due, Total Peaking shall provide notice to Customer
that its payment is in arrears. If payment is not made or
guaranty provided within 60 days after receipt of such notice,
service will be suspended until payment is made or security
provided. If payment is not made or security furnished, then
termination of service may be sought, including FERC abandonment
authorization.