Statutory Interest Clause Samples
The Statutory Interest clause establishes the right to charge interest on overdue payments at a rate specified by law. In practice, this means that if one party fails to pay an amount owed by the agreed deadline, the other party can apply the legally mandated interest rate to the outstanding sum until it is paid. This clause ensures that late payments are discouraged and compensates the party awaiting payment for the delay, thereby promoting timely financial transactions and reducing the risk of cash flow issues.
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Statutory Interest. Interest assessed on overpayments. An adjusted annual rate charged from the first day of the month after Contractor received the overpayment from ETP. [Section 4447.]
Statutory Interest. Landlord and Tenant shall be entitled to receive their percentage of statutory interest from the appropriating authority’s deposit with the court for an Appropriation. The respective percentage shall be determined by the appropriating authority’s appraisal used to establish the deposit.
Statutory Interest. Interest on amounts ultimately determined to be due to Contractor or the government of Guam or OAG shall be payable at the statutory rate applicable to judgments from the date the claim arose through the date of decision or judgment, whichever is later.
Statutory Interest. ▇▇▇▇ further and or other reliefs as deem fit by the court.
Statutory Interest. If the Client does not make payment to Klip Global by the due date, Klip Global may charge the Client interest on the overdue sum at the rate of 2% per annum above the base lending rate of the Bank of England from time to time. Interest will accrue on a daily basis from the due date for payment until the actual date of payment of the overdue sum, whether before or after judgment.