Record the interest on an unpaid progress payment
Key facts
- Human involvement
- YellowClose supervision
- How AI is used
- From the contract and the date the progress payment became due, set out the unpaid amount and the interest rate stated in the contract. Leave a blank for the rate prescribed under the Civil Procedure Act. Do not choose the greater rate.
- What the lawyer must review
- The lawyer confirms the payment is due, obtains the prescribed rate, and adopts the greater of that rate and the contract rate.
- Written for / version
- US
Open a jurisdiction version of this task to see which instruments apply: US
Who does what
| Role | What they do |
|---|---|
| Assistance | Do not begin AI assistance until the responsible lawyer has defined and confirmed its permitted scope. |
| Lawyer | Set the scope, supervise the work closely, verify every part relied on, resolve omissions and exceptions, and approve the exact output. |
Checklist
- Interest is payable on the unpaid amount of a progress payment that has become due and payable.
- The rate is the greater of the rate prescribed under section 101 of the Civil Procedure Act 2005 and the rate specified in the construction contract.
- Do not state a percentage for the prescribed rate. It was not set out in the section that was opened.
- The lawyer confirms both rates before the interest figure is used.
Sources
These are suggested working checks. Confirm the required checking with the responsible lawyer before work starts; the checking approach does not establish permission to use AI.