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Court clarifies that enhanced statutory interest rate not applicable to c/p @incelaw

By • Jul 23rd, 2014 • Category: Ince & Co Podcasts by Coracle

Podcast from international law firm Ince & Co

Court clarifies that enhanced statutory interest rate not applicable to c/p

  • Ince & Co

    http://incelaw.com/en/knowledge-bank/publications/enhanced-statutory-interest-rate-not-applicable-to-charterparties-with-no-significant-connection-to-the-uk

    The principal point of interest in this charterparty dispute was whether the Owners, who succeeded in arbitration proceedings in respect of their claim for unpaid hire, were entitled to interest on the amount recovered from the Charterers at the statutory rate provided for by the Late Payment of Commercial Debts (Interest) Act 1998 (the “1998 Act”). In broad terms, the 1998 Act applies to qualifying debts arising under commercial contracts for the supply of goods and services and implies a term into such contracts that such debts are to carry statutory interest, which is currently set at 8% above base rate.