25Interest on unpaid accounts

25 Interest on unpaid accounts (1) This section applies if— (a) a Territory entity does not pay a commercial account in full by the relevant date for the account; and

Interest on commercial accounts Part 3 (b) the person to whom the account is payable requests, in writing, that the Territory entity pay interest on the amount of the account that remains unpaid from time to time after the payment date. (2) The Territory entity is liable to pay the creditor a further amount by way of interest on the amount of the account that remains unpaid from time to time. (3) Interest is payable at the rate worked out in accordance with the rules under the Court Procedures Act 2004 applying to the Supreme Court as if the unpaid amount were a judgment of the Supreme Court. (4) If payment of the account is made by mail, the payment is taken to be made when it is posted.