sec.67PLate progress payments

### sec.67P Late progress payments This section applies if— the contracting party for a building contract is required to pay an amount (the progress amount ) to the contracted party for the building contract; and the progress amount is payable as the whole or a part of a progress payment; and the time (the payment time ) by which the progress amount is required to be paid has passed, and the progress amount, or a part of the progress amount, has not been paid. For the period for which the progress amount, or the part of the progress amount, is still unpaid after the payment time, the contracting party is also required to pay the contracted party interest at the penalty rate, as applying from time to time, for each day the amount is unpaid. In this section— penalty rate means— the rate made up of the sum of the following— 10% a year; the rate comprising the annual rate, as published from time to time by the Reserve Bank of Australia, for 90 day bills; or if the building contract provides for a higher rate of interest than the rate worked out under paragraph (a) —the higher rate. s 67P ins 1999 No. 43 s 29 amd 2000 No. 10 s 183 sch 1 (sec.67P-ssec.1) This section applies if— the contracting party for a building contract is required to pay an amount (the progress amount ) to the contracted party for the building contract; and the progress amount is payable as the whole or a part of a progress payment; and the time (the payment time ) by which the progress amount is required to be paid has passed, and the progress amount, or a part of the progress amount, has not been paid. (sec.67P-ssec.2) For the period for which the progress amount, or the part of the progress amount, is still unpaid after the payment time, the contracting party is also required to pay the contracted party interest at the penalty rate, as applying from time to time, for each day the amount is unpaid. (sec.67P-ssec.3) In this section— penalty rate means— the rate made up of the sum of the following— 10% a year; the rate comprising the annual rate, as published from time to time by the Reserve Bank of Australia, for 90 day bills; or if the building contract provides for a higher rate of interest than the rate worked out under paragraph (a) —the higher rate. - (a) the contracting party for a building contract is required to pay an amount (the progress amount ) to the contracted party for the building contract; and - (b) the progress amount is payable as the whole or a part of a progress payment; and - (c) the time (the payment time ) by which the progress amount is required to be paid has passed, and the progress amount, or a part of the progress amount, has not been paid. - (a) the rate made up of the sum of the following— (i) 10% a year; (ii) the rate comprising the annual rate, as published from time to time by the Reserve Bank of Australia, for 90 day bills; or - (i) 10% a year; - (ii) the rate comprising the annual rate, as published from time to time by the Reserve Bank of Australia, for 90 day bills; or - (b) if the building contract provides for a higher rate of interest than the rate worked out under paragraph (a) —the higher rate. - (i) 10% a year; - (ii) the rate comprising the annual rate, as published from time to time by the Reserve Bank of Australia, for 90 day bills; or