What is the max interest rate a contractor can charge in california?
there is a section in the construction contract that says all payments will be made within ______
days after billing. Overdue payments will bear interest at the rate of _______ % per month from the date on which payment is due
if some good people can help me with that thanks
One must make an educated guess that you were referring to a building contractor. And hopes that I’m correct I will place this under the correct category for such issues.
I am not entirely sure what is the maximum, but I recommend you review the Civil Code on Prompt Payment statutes. if this is private works, I recommend reviewing the Civil Code that allows 2% per motion when the invoice is overdue. it appears your amending your contract. There by be other provisions that need a careful review to be enforceable. I recommend a construction attorney near you. The costs can be nominal to amend your contract.
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