This analysis describes what Heap's agreement states, permits, or reserves. It does not constitute a legal determination about enforceability. Regulatory applicability and practical outcomes may vary by jurisdiction, enforcement context, and individual circumstances. Read our methodology
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Charge interest on any overdue payments at a rate equal to the Reserve Bank of Australia's cash rate, from time-to-time, plus 2% per annum, calculated daily and compounding monthly.
"charge interest, accruing each day, at a monthly rate equal to the lesser of 1.5% per month or the maximum rate permitted by applicable law on the overdue sum from the due date until the date the overdue sum (plus applicable interest) is paid in fullExcerpt from Heap's Terms of Service
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The clause states: “charge interest, accruing each day, at a monthly rate equal to the lesser of 1.5% per month or the maximum rate permitted by applicable law on the overdue sum from the due date until the date the overdue sum (plus applicable interest) is paid in full”
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