Int. on late payment.

anckoora (Querist) 11 July 2009 This query is : Resolved
dear sir,

we had purchased goods from a supplier under their invoice. Due to some reason, we made payment very late. They have been asking us to pay the interest on late payment @ 24% of the bill amount. In their invoice there is a condition printed on invoice that delay payment will attract int @ 24%p.a.
We are ready to pay 50% of their demand-which they have rejected. Now they have sent legal notice thro' advocate to pay within 15 days' time.
In case of legal action against us, what are the points we should put before the court ? How much time this case will take to finalise / judgement ?

thanks in advance.
anckoora

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A V Vishal (Expert) 11 July 2009
As per the contract, you have agreed to bear the interest @ 24%, legally there is not much that can be advised without fully going through the details of the case and the reasons for delayed payment.

Jayashree Hariharan (Expert) 13 July 2009
You have delayed one payment or the entire amount? Pls give more details, so that better advice can be given.

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