Preverdict InterestThomas Tripodianos
August 18, 2008 — 286 views
Question. On July 1st the parties entered into a contract under which Supplier agreed to provide Builder over the course of two years, various building supplies needed for a multi-unit development. Supplier provided Builder with materials on various dates between September 27th and November 20th but failed to do so thereafter. Builder seeks to fix the date of interest as of July 1, the contract date. Supplier, in turn, argues that interest should be computed on a monthly basis between December of the first year and December of the second year or from January 1, of the second year, the intermediate date of the contract. What's the correct date?