07 August 2015
The other party is holding sale proceeds in their trust account beyond reasonable time; therefore, my client wishes to charge interest.
Please advise what is the interest rate that should be used. Will it be a Penalty Interest Rate or a Cash Target Rate? I believe a Cash Target Rate is too low.
A person who is owed money does not have a right to claim interest unless such a right is created by the agreement between the parties. If this debt arises from a contract, you need to look at the terms of the contract to see whether the contract creates a right to claim interest. If so, the method of calculating the interest will also be specified in the contract.
The purchaser will argue that the refund is due within a reasonable time and not by any specific date. What is a reasonable time is problematic and not a simple matter of one party asserting that payment is overdue.
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