54.2 Interest

BOILERPLATE AND COMMERCIAL CLAUSES vol 4(3)

54.2 Interest

| Commentary

Under English common law, interest is not due on late payment of a contractual debt unless the parties to the contract have expressly agreed for its payment, or it is possible to imply that a party can charge interest from a course of dealing or trade custom. In certain circumstances, interest may be payable under equitable rules, for example, in the case of a mortgage where interest was not mentioned¹; however, this will not apply to

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