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Contract No. 20-WC-40-852 <br /> (90) days or more, the Contractor shall pay, in addition to the interest and administrative <br /> charges, a penalty charge for each day the payment is delinquent beyond the due date, <br /> based on the remaining balance of the payment due at the rate of 6 percent per year. The <br /> Contractor shall also pay any fees incurred for debt collection services associated with a <br /> delinquent payment. <br /> (b) The interest rate charged shall be the greater of either the rate prescribed quarterly in the <br /> Federal Register by the Department of the Treasury for application to overdue payments, <br /> or the interest rate of 0.5 percent per month. The interest rate charged will be determined <br /> as of the due date and remain fixed for the duration of the delinquent period. <br /> (c) When a partial payment on a delinquent account is received,the amount received shall be <br /> applied first to the penalty charges, second to the administrative charges, third to the <br /> accrued interest, and finally to the overdue payment. <br /> 9. GENERAL OBLIGATION—BENEFITS CONDITIONED UPON PAYMENT <br /> The payment of charges becoming due pursuant to this contract is a condition precedent <br /> to receiving benefits under this contract. The United States shall not make water <br /> available to the Contractor through Colorado River Storage Project, Wayne N. Aspinall <br /> Unit project facilities during any period in which.the Contractor is in arrears in the <br /> advance payment of water rates due the United States. The Contractor shall not deliver <br /> water under the terms and conditions of this contract for lands or parties that are in <br /> arrears in the advance payment of water rates and operation and maintenance charges as <br /> levied or established by the Contractor. <br /> 10. CONFIRMATION OF CONTRACT <br /> Promptly after the execution of this Contract, the Contractor shall provide evidence to the <br /> Contracting Officer that, pursuant to the laws of the State of Colorado,the Contractor is a <br /> legally constituted entity and the Contract is lawful, valid, and binding on the Contractor. <br /> This Contract shall not be binding on the United States until such evidence has been <br /> provided to the Contracting Officer's satisfaction. In addition to other forms of evidence <br /> to meet the requirements of this Article,the Contractor may provide or the Contracting <br /> Officer may require a certified copy of a final decree of a court of competent jurisdiction <br /> in the State of Colorado, confirming the proceedings on the part of the Contractor for the <br /> authorization of the execution of this contract. <br /> 11. CONTINGENT ON APPROPRIATION OR ALLOTMENT OF FUNDS <br /> The expenditure or advance of any money or the performance of any obligation of the <br /> United States under this Contract shall be contingent upon appropriation or allotment of <br /> funds. Absence of appropriation or allotment of funds shall not relieve the Contractor <br /> Page 4 <br />