Interest Calculator

73 Due date for payment

(1) A progress payment under a construction contract becomes payable —

(a) if the contract provides for the matter — on the day on which the payment becomes payable under the contract; or

(b) if the contract does not provide for the matter — on the day that is 10 business days after the day a payment claim for the progress payment is made under part 3.

(2) Interest for a construction contract is payable on the unpaid amount of a progress payment that has become payable at the greater of the following rates —

(a) the rate stated in the contract;

(b) the rate prescribed under the Civil Proceedings Act 2011, section 59(3) for a money order debt.

(3) However, for a construction contract to which the Queensland Building and Construction Commission Act 1991, section 67P applies because it is a building contract, interest is payable at the penalty rate under that section.