Late Payment Fee and Late Payment Interest

Most of the societies charge late payment charges either as one time penalty or interest (based on a rate on interest on unpaid / delayed interest amount) or both. These penalties and interest on one hand act as a deterrent for the resident/consumer and help to improve collection for the society and on the other hand, they compensate for the financial cost for the society. So what the best practices for charging of late payment penalty and interest? What are the important factors for charging these?

 

Read more: Late Payment Fee and Late Payment Interest

Single Source Metering vs Dual Source Metering

The societies and apartment complexes which are responsible for supplying the power to the residents can bill the residents either on single source meter or dual source meter. These societies bill the resident for both grid power as well as back-up/Diesel Generated power. The societies can always put separate meter for DG supply and separate meter for grid supply or bill using one meter only or can also use a dual source metering technology. The dual source metering technology has meters which have two registers – one for Grid and the other for DG; it receives an external single for switching the registers.

 

Read more: Single Source Metering vs Dual Source Metering

Additional information