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P&I (CLASS 3) / PART II / RULE 12
PAYMENT
12.1 Instalments
Subject to Rule 7.2 Special Acceptance, the Estimated Total Call and every Exceptional or Overspill Call shall be payable in such instalments and on such dates as the Board may specify.
12.2 Notification
As soon as reasonably practical after the amount of any Estimated Total Call or the rate of any Exceptional or Overspill Call shall have been fixed the Managers shall notify each Member concerned of:
12.2.1 such amount or such rates;
12.2.2 the date on which the Call concerned is payable or, if such Call is payable by instalments, of the amounts of such instalments and the respective dates on which they are payable;
12.2.3 the amount payable by such Member in respect of each Ship entered by the Member.
12.3 Currencies
Notwithstanding Rule 6.3.7 the Managers may require any Member to pay all or any part of any sums payable by the Member in such currencies as the Managers may specify.
12.4 Tax
The Member shall pay on demand to the Association the amount of any tax or other financial demand, relating to Calls or other sums due from or paid by the Member to the Association, for which the Managers determine the Association has or may become liable.
12.5 Set-off
No claim of any kind whatsoever by a Member against the Association shall give the Member a right of set-off against the Contributions or other sums of whatsoever nature due to the Association or shall entitle a Member to withhold or delay payment of any such Contributions or sums.
12.6 Penalty for Late Payment
Without prejudice to the rights and remedies of the Association under Rule 33.1 Failure to Pay, if any Contribution or instalment or part thereof or any other sum of whatsoever nature due from any Member is not paid by such Member on or before the date specified for payment thereof the Board may order such Member to pay interest on the amount not so paid, from and including the date so specified down to the date of payment, at such rate as the Board may from time to time determine.
12.7 Bad Debts
If any Contribution or other payment due from a Member to the Association is not paid and if the Board decides that payment cannot be obtained, the sums required to make good any resulting shortfall or deficiency in the funds of the Association shall be deemed to be expenses of the Association for the purposes of Contribution under Rule 10 Contribution by Way of Calls.
12.8 Effect of a Member’s Non-payment
Without prejudice to the provisions of Rule 33 Cesser of All Insurances and Rule 34 Cesser of Ship Entry, if any Contribution or other payment due from a Member to the Association is not paid within 30 days of the date of service on a Member of a debit note, notice or other demand for payment there shall be no recovery from the Association in respect of any liabilities incurred by the Member in respect of any Ship which is or has been entered for insurance by the Member in the Association.
Provided always that:
12.8.1 the Managers may serve a notice extending the time for payment and the Member may then make arrangements satisfactory to the Managers prior to the expiry of the period of grace allowed in the said notice for the payment of any such Contribution or other payment.