UK: Late Payment of Commercial Debts(Interest) Act 1998
In the Open Standard
Skan BuMember for 20 years 4 months
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Hi
I came across a case where the MC pre order MoM & Subcontract clearly state that 0% interest above the base rate shall be payable on any late payment.
Q1) What if the above is a statutory right, does this take precedance?
Q2) If S/C signed subcontract, does this stand?
Q3) What if the MC deliberately not paying on an interim application & at Final account proved the MC to be incorrect?
Q4) What if the MC withheld money against potential rectification of defects but at final account, all defects had been resolved. Can interest be levied?
Q5) Any case law?
I came across a case where the MC pre order MoM & Subcontract clearly state that 0% interest above the base rate shall be payable on any late payment.
Q1) What if the above is a statutory right, does this take precedance?
Q2) If S/C signed subcontract, does this stand?
Q3) What if the MC deliberately not paying on an interim application & at Final account proved the MC to be incorrect?
Q4) What if the MC withheld money against potential rectification of defects but at final account, all defects had been resolved. Can interest be levied?
Q5) Any case law?
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