Taylors
Commercial Disputes Team regularly
advises clients in relation to
enforcement of judgments made by the
Court; usually, following a claim
which we have handled successfully
on the client’s behalf. Legislation
provides that from the date of the
judgment you are entitled to
interest on the amount awarded to
you at the rate of 8% per annum.
But what if the contract which is
the subject of your dispute,
provided a rate of interest at a
rate higher or lower than 8%? The
terms and conditions of the contract
may have included a term that you
were entitled to less than 8%, for
example 2% above base rate
(currently 0.5%). On the other hand,
the contract may have included a
term that you were entitled to more
than 8%. So which are you entitled
to after judgment? If your
contractual interest term provided
interest at a rate lower than 8%,
then after judgment you will be
entitled to interest at 8%, even
though this is more than the amount
stated in the contract. But if the
rate of interest in your contract
terms is higher than 8%, then
provided that the contract included
a right to interest after judgment,
you will be entitled to the higher
rate included in the contract.
Taylors Commercial Disputes Team
can give you advice on any judgment
you have obtained and let you know
your position in relation to
interest. We can also check the
terms and conditions of your
standard contracts to ensure that
they contain a specific provision
setting out entitlement to
contractual interest after judgment.
We can help you play your cards
right to get the most out of your
judgment. Please contact the Taylors
Commercial Disputes Team on 01254
297900 or email
charlotte.barron@taylors.co.uk. |
