In theory you can assess late fees and you might actually collect some.
But the truth is if someone is jerking you around on payment and they offer to pay sans the late fees most vendors will accept that and move on. In fact I've had people who claim to be filing bankruptcy (claim) and offer x cents on the dollar for any amount owed. In the end you make a decision do you want to take the money or go for door number two.
Legally entitled really means very little. What counts is the cost of enforcing the contract and the time it takes and any leverage that you have (like a kill switch as OP had mentioned)
In theory you can assess late fees and you might actually collect some.
But the truth is if someone is jerking you around on payment and they offer to pay sans the late fees most vendors will accept that and move on. In fact I've had people who claim to be filing bankruptcy (claim) and offer x cents on the dollar for any amount owed. In the end you make a decision do you want to take the money or go for door number two.
Legally entitled really means very little. What counts is the cost of enforcing the contract and the time it takes and any leverage that you have (like a kill switch as OP had mentioned)