Browse Forums Building A New House 1 Dec 24, 2010 1:31 pm Hi All A really dumb question, but please set my mind at ease because the contract does not give specific info re. interest calculation. With the below information, can you please tell me how much interest I will have to pay per day on an overdue progress payment. Contract - NSW Residential Building Contract for New Dwellings January 2008 (HIA) Progress payment amount - $15000 Contract Wording - Like ⋅ Add a comment ⋅ Pin to Ideaboard ⋅ Like ⋅ Add a comment ⋅ Pin to Ideaboard ⋅ Is the answer $8.22 per day? Re: How is interest calculated on late progress payment? 2Dec 24, 2010 1:34 pm About that yes Where you are coming from is where you are going to... Re: How is interest calculated on late progress payment? 3Dec 24, 2010 2:12 pm ummm. 20% of the amount due divided by 365 and multiplied by number of days late. nothing to do with salespeole. you'd do well to read and ccomprehend the post before bashing away at the keys with some negative comment again. 4 5061 It's crucial to check your contract and local regulations regarding late completion penalties. If your builder said the permit issuance means no more penalties, you should… 8 9205 regardless, your contract stipulates a payments schedule and SOPA doesn't give provision to that scenario. Your contractual terms appear to stand. Hence get a lawyer, it… 4 8954 |