Who Jungle » 67P interest
67P interest is interest payable pursuant to section 67P of the Queensland Building and Construction Commission Act 1991.
Section 67P overrides the rate of interest specified in the contract unless the rate in the contract is higher.
It is 10% plus the 90 day bank bill rate compounded daily which makes it a higher rate of interest than most contracts or other forms of default interest.
It can be a very effective form of debt recovery where someone is spinning out payment for as long as they can.
This is interest that can be recovered on progress claims, BIFA applications, QCAT applications and in court. The highest recorded in a court decision so far is $1.2 million.
The calculation can be difficult and the rate for each day changes. That is why you need to use this site.
You will not be given this interest automatically by an adjudicator or a court. You have to specifically ask for it and calculate it. This site provides you with the information necessary to claim 67P interest.
If you want to use this interest rate sign up. If you need more information click here
Further information such as pleadings and other important information is available inside the site once you have signed up.