Late Fees

A landlord should insert this provision into his lease agreement.
“Late Charge
The parties agree that it would be impractical or extremely difficult to fix the actual damage incurred the Landlord if the Tenant fails to pay rent timely. An administrative cost, which is related to collecting and accounting for the late payment will be assessed at the rate $3.00 per day for no more than 20 days from the day the late fee began. The late charge will commence the day after the rent is due. The parties further agree that the acceptance of this provision will be conclusive evidence in any legal proceeding that calculating actual damage would be impractical and extremely difficult to fix. Further the late fee assessed above, is conclusive evidence, in any legal proceeding, that it is a reasonable administrative cost.”

Advertisement