Shopping Cart (0) items Sign In

Construction Claims Monthly - Devoted exclusively to the problems of construction contracting since 1963

‹ Prev article: 
 

"Service Charge"Distinguished From "Interest" Interest

Monday, December 02, 2002 11:42 am

 
"Service Charge"Distinguished From "Interest" Interest

An Indiana court has ruled that a 2.5 percent per month "service charge"was a financial disincentive to late payment, not "interest"which might have been subject to a statutory rate.

Roy A. Miller & Sons, Inc. was the prime contractor for construction of improvements to a facility owned by Industrial Hardwoods Corporation. Miller subcontracted the roofing work to Len Eckstein Roofing, Inc.

Eckstein submitted invoices which stated: "Two and one-half percent service charge after tenth of the following month."Miller paid several invoices without objecting to this language. Subsequent invoices went unpaid after [...]

 
› Next article: 
 
Sign up now for Construction Claims Monthly Online! Your own virtual help desk of must-have techniques, tutorials, and how-to articles.
 
Join Now Construction Claims Monthly! Close
 
×

Dear Valued Customers,

We regret to announce that ProEdTech LLC and all its affiliate brands will cease operations on April 1, 2019.

We are no longer able to fulfill online orders. We will fullfill all DVD and book orders already placed.

Customers of canceled webinars and subscription products may request a refund at (800) 223-8720 or service@proedtech.com. You must do so by April 1, 2019.

Thank you for your business and loyalty over the years. We sincerely apologize for any inconvenience caused.


Best regards,
The ProEdTech Team