I have filed a Mechanics Lien on a property in Mt. Pleasant, SC. The home is under contract and am about to be paid the $5300 that has been owed to me for over a year. Am I able to charge them interest on the $5300.00?
1 reply
Aug 11, 2020
The answer to this will ultimately depend on the terms of your contract. If interest rates are provided for late payment under your agreement, you may be entitled to interest payments.
If not, you may still be able to collect late payment interest under the South Carolina prompt payment laws. However, under S.C. Code §29-6-50, interest under the prompt payment statutes is only due if "the person being charged interest has been notified of the provisions of this section at the time the request for payment is made." To translate that, you can only be entitled to prompt payment interest if the statutes are referenced in your invoice or payment application. If so, then a Notice of Intent to Make a Prompt Payment Claim can be sent to the party informing them of you right to recover interest.
Good luck!
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