NEC4 · ECC 51.2
interest
Money added to a late or corrected payment at the Contract Data interest rate. It is worked out daily and compounded each year.
Also written as
- interest rate
Where you meet it
- Module 10: PaymentPractitioner Course
- Module 2: Assessment dates, applications and certificatesPayment and Defined Cost
- Module 11: Records, audits and clawbackPayment and Defined Cost
- Module 3: Getting paidNEC4 vs FIDIC 2017