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for socrateaser only - Hi there......I asked a question about

potential application of interest on...
for socrateaser only - Hi there......I asked a question about potential application of interest on a client's late fees in CA just recently and was advised no go unless in the written contract because the client was in CA. However, I thought you answered an earlier question of mine which should be considered and back on 9/16/2013 (above). This answer compared to yesterday’s now totally confuses me. It does appears that while I am the last signer and in Idaho, where the contract was made, and the work done is also done from Idaho that Idaho law prevails unless I am totally misunderstanding the answer from 9/16. Based on the earlier answer it appears that I may well be able to invoice interest under ID Stat. 28-22-104. There is no other contractual interest stated in the contract, nor is interest mentioned at all and the money due upon receipt is clearly stated in my agreement.
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11/2/2013
socrateaser
socrateaser, Attorney
Category: Estate Law
Satisfied Customers: 39,498
Experience: Retired
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Hi there......I asked a question about potential application of interest on a client's late fees in CA just recently and was advised no go unless in the written contract because the client was in CA.

A: That's not what I said, so perhaps there was a miscommunication. You can charge 10% per year prejudgment simple interest on the unpaid late balance, but the only way you can collect, if the customer doesn't pay, is to sue.

However, I thought you answered an earlier question of mine which should be considered and back on 9/16/2013 (above). This answer compared to yesterday’s now totally confuses me. It does appears that while I am the last signer and in Idaho, where the contract was made, and the work done is also done from Idaho that Idaho law prevails unless I am totally misunderstanding the answer from 9/16. Based on the earlier answer it appears that I may well be able to invoice interest under ID Stat. 28-22-104.

A: Yes. These facts would give you prejudgment simple interest at 12% of the unpaid balance due. So, you get an extra 2% per year, under Idaho law.

There is no other contractual interest stated in the contract, nor is interest mentioned at all and the money due upon receipt is clearly stated in my agreement.

Hope this helps.

socrateaser
socrateaser, Attorney
Category: Estate Law
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Experience: Retired
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Customer reply replied 4 years ago


Yes, it does.


 


TY!


 

You're welcome and good luck!
socrateaser
socrateaser, Attorney
Category: Estate Law
Satisfied Customers: 39,498
Experience: Retired
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socrateaser
socrateaser
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Category: Estate Law
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