LAND PAYMENT DEFAULT FINE POLICY.
AIBEN Properties hereby notifies all subscribers, clients, and the general public that effective immediately, a default penalty will be applied to all outstanding plot payments that are not settled within the agreed payment period.
Policy Details
-
Default Trigger:
Any subscriber who fails to pay the outstanding balance within the agreed payment timeline shall be considered in default. -
Penalty Application:
A 5% fine will be applied to the outstanding balance immediately after the payment deadline expires. -
Monthly Compounding:
The 5% fine shall be compounded monthly on the outstanding balance until full payment is made. -
Continuous Accrual:
The penalty will continue to accumulate every month on the updated balance until the account is fully settled.
Illustrative Example
For clarity:
- A subscriber with an outstanding balance of ₦5,000,000 (on a ₦10,000,000 plot)
- If payment is not completed within the agreed 3-month period:
- A 5% fine (₦250,000) will be applied immediately after default
- New balance becomes ₦5,250,000
- If unpaid the following month, another 5% is applied to ₦5,250,000
- This continues monthly until full payment is made
Important Notice
- This policy applies to all subscribers and plot allocations unless otherwise stated in writing by AIBEN Properties.
- All clients are advised to adhere strictly to their payment schedules to avoid additional charges.
- By proceeding with any payment plan or property subscription, the client is deemed to have accepted this policy in full.
