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 and it is not strategically to go to adjudication.
This is interest that can be recovered on progress claims. The highest recorded in a court decision so far is $1.2 million.
There are many ways people are calculating 67P interest that are WRONG.
The calculation is difficult and involves issues not immediately obvious. That is why you need to use this site.
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