Examples of Penalty Interest in a sentence
Interest at a rate of 2% per annum plus the rate for the time being fixed by section 2 of the Penalty Interest Rates Act 1983 is payable on any money owing under the contract during the period of default, without affecting any other rights of the offended party.
Penalty Interest may be added at point of payment for late payments over 30 days (or whatever is agreed with the supplier) which will increase the payment.
The interest rate applied is fixed under Section 2 of the Penalty Interest Rates Act 1983, which is determined by the Minister and published by notice in the Government Gazette.
Interest at a rate of 2% per annum plus the rate for the time being fixed by section 2 of the Penalty Interest Rates Act 1983 (Vic) is payable on any money owing under the contract during the period of default, without affecting any other rights of the offended party.
Where any Insured is liable to indemnify the Insurer under this contract, that Insured will also pay interest on the amount outstanding to the Insurer from time to time calculated daily at the rate fixed under the Penalty Interest Rates Act 1983 (Vic).