Overdue Rent: Interest Rates and Regulations in Wales

Can I legally include a clause in the occupation contract that the tenant will be liable for a charge of 5% per day interest on overdue rent in the case of late payment?

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Preventing, Controlling and Recovering Rent Arrears

The contract-holder typically pays the rent into the landlord or agent's bank account. The written statement of the occupation contract should stipulate the method for which rent is payable and how it will be collected. The tenant should consent if the collection is done by regular visits to the property.