Statutory interest for delay in commercial transactions

Conducting commercial transactions invariably involves risk – traders may, for example, encounter late payment by counterparties. If the customer quickly recovers and pays the amount due within a slightly longer period than anticipated in the transaction, this usually has no legal effect. If, however, there is a much longer wait for repayment, the amount owed may be demanded plus statutory interest for late payment in commercial transactions.
Table of contents:

Statutory interest for delay in commercial transactions – who does it apply to?


Important!

After what period of time can interest be claimed for delay in commercial transactions?


How to calculate the amount of interest due?


Formula for calculating statutory interest for delay in commercial transactions

EXAMPLE

EXAMPLE

Different types of late interest


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