Want Compound Interest? Then Ask For It

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It's time to review your contracts. If one of your customers defaults on one of your contracts, and you have written into your contract that you are entitled to interest, can you claim compound interest, or are you limited to simple interest? The difference can be significant, and as it turns out claimable, provided the parties have written their Agreement to account for it. If your intention is to charge compounding interest on an account, make sure you properly document this agreement. Otherwise, you may be limited on the amount owed that you can recover.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Joshua Kin, Pickrel, Schaeffer and Ebeling, Co. LPA | Attorney Advertising

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