TERMS OF PAYMENT
You agree to pay all charges for your use of EASYKEY services at the prices in effect at the beginning of your subscription period or in respect of renewal subscriptions, the prices in effect on the anniversary thereof.
EASYKEY reserves the right to change prices or institute new charges for use of EASYKEY services at any time. Payment of your account balance is due at inception and subsequently on the anniversary thereof. Where payment is not made by the due payment date, your account may be suspended or terminated at our discretion.
In addition if EASYKEY has not received notice in writing (email is also fine) of your wish to terminate a particular service or collection of services prior to their due payment date then you will remain liable for any and all amounts that are outstanding on that due payment date. EASYKEY reserve the right to withhold any services from you and to take any lawful means to recover the outstanding amounts.
Any renewal subscription not required must be cancelled by notification received by EASYKEY in writing at least 30 days before the subscription renewal date. If you should wish to transfer a domain name or names elsewhere, any and all outstanding charges due to EASYKEY must first be settled in full before any transfer is made. If you do not wish to renew a service (e.g. a domain name) and fail to inform us within the 30 day period before the renewal date you are still liable for the renewal fee.
All charges are subject to the current rate of VAT.
General Payment Terms
All invoices are due on presentation.
If payment is not received within 28 days of the invoice date a late payment charge may be applied. The late payment charge may be waived at the discretion of Easykey Ltd if for example there were extenuating circumstances that caused late payment.
How is the Late Payment Charge calculated?
The Late Payment rate is the Bank of England Base rate for the six month period when the debt is paid plus 8% The Base rate is applied twice a year on 31 December and 30 June for the following 6 month period. e.g. If the Base rate on 31 Dec 2011 was 0.5% this rate will be applied from 1 Jan 2012 to 30 Jun 2012
So if the base rate is 0.5% for the six-month period when the debt is paid, then the statutory interest rate is 8.5% (0.5% base rate plus 8%)
- The debt is £2,000.00 plus £400.00 VAT = total £2,400
- Payment is received 30 days late
- the interest owed is: £2,400 x 8.5% = £204 (the annual rate)
- £204 ÷ 365 = 55.9p (the daily rate)
- 55.9 pence x 30 days = £16.77 (the interest owed to date)
- VAT is not charged on late payment