Examples of Bank of England Base Rate in a sentence
The Nursery shall be entitled to charge interest (8% above the Bank of England base rate) on any late Nursery fees.
If your business were owed £1,000 and the Bank of England base rate were 0.5%: the annual statutory interest on this would be £85 (1,000 x 0.085 = £85) divide £85 by 365 to get the daily interest: 23p a day (85 / 365 = 0.23) after 50 days this would be £11.50 (50 x 0.23 = 11.50) Calculating the amount of late payment compensation In addition to interest the Contractor may also charge an amount to compensate for the costs of collecting late payments.
All License Fees and Taxes due to COMAEA which are not paid in full within 30 days following its due date will bear simple interest at a rate of 2% above Bank of England base rate per annum, on the unpaid portion until fully paid.
Late Payment of Invoices: G Cloud General Terms and Conditions Section 7 and 8 inclusive; The interest charged for late payment of goods or a service is a daily interest charge based on the ‘annual statutory interest’ 8% plus the Bank of England base rate per each day late.
If any Fees or charges (including any Top Up charges, Third Party Contribution or Additional Service Charges) remain unpaid 30 days after their due date for payment, we reserve the right to charge interest at a rate of 4% above the Bank of England base rate per annum, calculated on a daily basis from the due date up to the date of actual payment.