Browse Forums Building A New House 1 Dec 24, 2010 12:31 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 12:34 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 1:12 pm ummm. 20% of the amount due divided by 365 and multiplied by number of days late. Like I said the Occupancy Certificate is not the tollgate that marks the completion of the house. The contract defines… 7 10748 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 11869 There is no reason why building contract reconciliation cannot be done prior to handover, if the builder won't do it get someone to do it for you. Why would you pay for… 3 6688 |