Examples of Prescribed Rate of Interest Act in a sentence
Interest on any amount that a person is obliged to pay in terms of a collective agreement accrues from the date on which the amount was due and payable at the rate prescribed in terms of section 1 of the Prescribed Rate of Interest Act, 1975 (Act No. 55 of 1975), unless the arbitration award provides otherwise.
The Prescribed Rate of Interest Act (Act 55 of 1975) sets the maximum rate of interest that can be charged on mora interest (over-due payment) and is also used in court orders relating to damages claims.
Any Licence Fee which is payable by You in terms of the Agreement and which remains unpaid for a period in excess of 30 (thirty) days from the date of the invoice, will attract interest at the current legal rate, calculated in accordance with the interest rate prescribed by the Minister of Justice in accordance with the Prescribed Rate of Interest Act 55 of 1975, as amended.
Unless otherwise agreed by the Contracting Parties, the interest rate shall be equal to the legal interest rate applicable in terms of the Prescribed Rate of Interest Act 1975.
The loan shall be at a rate of interest specified in the client agreement or clearing agreement between them or, if no rate is specified, at the member’s customary rate or, if there is no customary rate, at the rate determined in terms of the Prescribed Rate of Interest Act 55 of 1975.
Interest on late payment of levy If an employer fails to pay a levy or any portion of a levy on or before the due date for payment, interest is payable on the outstanding amount at the rate prescribed under the Prescribed Rate of Interest Act, 1975 (Act 55 of 1975), calculated from the last day for payment to the day that payment is received by the NTA or by the designated agent.
In an individual level, it is easier to see those interests as a benefit they will re- ceive, for example receiving valuable information, knowledge or tangible benefit.
Interest will be charged on damages as provided in the Prescribed Rate of Interest Act 55 of 1975.
For the purposes of section 2A(2)(a) of the Prescribed Rate of Interest Act, 1975 (Act No. 55 of 1975), interest on a debt in relation to a claim for damages in terms of this Act will commence on the date of issue of the certificate referred to in subsection (6).
The amounts referred to in subsection (1)(a) and (c) shall, subject to the provisions of section 2(1) of the Prescribed Rate of Interest Act, 1975 (Act 55 of 1975), bear interest from the date of registration of the judgment in terms of subsection (1) until the date of payment of such amounts, calculated at the rate prescribed under section 1(2) of that Act, or at the rate determined by the court of the designated country which granted such judgment, whichever rate is the lower.