Delta Volley Porto Viro
6 Maggio 2022by Delta Volley
It is important to understand the legal implications of late payment interest in Malaysia in order to protect the rights and interests of all parties involved in a business transaction. Legal outlines terms conditions late payment interest per laws Malaysia.
| Contract Party | Details |
|---|---|
| 1. Definitions: | purposes agreement, following terms shall meanings ascribed them hereunder: (a) “Late Payment Interest” shall mean interest payable outstanding amount due payable under contract accordance laws Malaysia; (b) “Business Day” shall mean day other than Saturday, Sunday, public holiday Malaysia; (c) “Principal Sum” shall mean amount due payable under contract, excluding Late Payment Interest accrued thereon; |
| 2. Late Payment Interest: | If any amount due and payable under this contract is not paid in full on or before the due date for payment, the party liable to make such payment shall pay Late Payment Interest on the overdue amount at the prevailing rate specified in the Late Payment Interest Act 2012 of Malaysia. |
| 3. Accrual of Late Payment Interest: | Late Payment Interest shall accrue on a daily basis from the due date for payment of the overdue amount until the date of payment, whether before or after judgment. The accrual of Late Payment Interest shall not prejudice the right of the party entitled to receive the overdue amount to claim other remedies available under the laws of Malaysia. |
| 4. Calculation of Late Payment Interest: | The calculation of Late Payment Interest shall be made on the basis of a 365-day year and the actual number of days elapsed. |
| 5. Payment of Late Payment Interest: | Any Late Payment Interest payable under this contract shall be made within 14 days of the date of written demand by the party entitled to receive the same. |
| 6. Governing Law and Jurisdiction: | This contract shall be governed by and construed in accordance with the laws of Malaysia. Dispute arising connection contract shall subject exclusive jurisdiction courts Malaysia. |
| Question | Answer |
|---|---|
| 1. What is the legal interest rate for late payment in Malaysia? | The legal interest rate for late payment in Malaysia is 8% per annum. This rate is set out in the Late Payment Interest Act 2016 and applies to all financial transactions unless specifically stated otherwise in the contract. |
| 2. Can I charge late payment interest on overdue invoices? | Yes, you are entitled to charge late payment interest on overdue invoices in Malaysia. The Late Payment Interest Act 2016 allows for the charging of interest on late payments, provided the terms are clearly stated in the contract. |
| 3. What are the requirements for claiming late payment interest? | In order to claim late payment interest, you must provide written notice to the debtor indicating the amount of late payment interest to be charged. Notice also include basis calculation interest period claimed. |
| 4. Can I waive my right to charge late payment interest? | Yes, you have the freedom to waive your right to charge late payment interest in Malaysia. However, this should be done explicitly and in writing. Without such a waiver, you are entitled to claim late payment interest as provided for by law. |
| 5. Is there a time limit for claiming late payment interest? | Under the Limitation Act 1953, the time limit for claiming late payment interest in Malaysia is 6 years from the date the payment became due. It is important to take timely action in pursuing your claim for late payment interest. |
| 6. Can a creditor take legal action to recover late payment interest? | Yes, a creditor has the right to take legal action to recover late payment interest in Malaysia. This may involve initiating legal proceedings in court to enforce the payment of the outstanding amount, including any accrued late payment interest. |
| 7. Are there any exceptions to charging late payment interest? | There certain exceptions charging late payment interest, debtor valid reason late payment, genuine dispute amount owed. In such cases, it is important to seek legal advice to determine the appropriate course of action. |
| 8. What are the consequences of non-payment of late payment interest? | If the debtor fails to pay the late payment interest as demanded, the creditor may pursue legal remedies to recover the outstanding amount, including the late payment interest. May result additional costs expenses debtor. |
| 9. Can late payment interest be claimed on a verbal agreement? | Yes, late payment interest can be claimed on a verbal agreement in Malaysia. However, it is always advisable to have written terms and conditions in place to avoid any disputes or misunderstandings regarding the payment of late payment interest. |
| 10. What are the best practices for managing late payment interest? | It is important to have clear and comprehensive terms and conditions in your contracts to address the payment of late payment interest. Additionally, timely communication with debtors and the use of written notices can facilitate the recovery of late payment interest in a legally compliant manner. |
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