Absent any specific late interest fee in a signed contract, can I charge it?
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Absent any specific late interest fee in a signed contract, can I charge it?
At stake was $50,000 that was 9 months late for consulting assignment I worked. I heard that absent specific language, one can charge 6% annualized.
Asked on August 29, 2013 under Business Law, Texas
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
Under the laws of all states in thsi country a "finance charge" under the applicable laws of each state can be charged as in the matter you have written about. Ordinarily the fee is 1.5 % montly or 18% per annum as the finance charge. I suggest that you consult with a business attorney about your matter. One can be found on attorneypages.com.
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