If Merchant fails to pay an invoice in full within the payment term, then upon expiry of this term the Merchant is automatically in default with respect to the due amount, without any notice of default being required. If payment is not made in full within the payment term, Merchant will be liable to pay interest at the statutory interest rate on the outstanding sum as from the first day after the final date for payment, plus a sum of twelve euros and fifty cents (€12.50) administration fees, without the any notice of default being required.