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I'm curious if there's any examples of this ever happening. Some company keeps ignoring a contractor's requests for a couple of years and ends up owing ~$20 mil
by newman8r 8y ago
I'm curious if there's any examples of this ever happening. Some company keeps ignoring a contractor's requests for a couple of years and ends up owing ~$20 million on a thousand dollar debt.
But like you, I'm pretty skeptical. Probably wouldn't hold up in court.
- TheOtherHobbes 8y agoThe outcome would be entirely random - dependent on the inclination of the judges. A sensible business would settle out of court with a very low offer. A sensible contractor would accept the offer. But generally this is another example of corporate privilege. In reality, late payments kill many small businesses. In a political system that was genuinely friendly to the small guy, fines for late payment would be mandatory.
- koolba 8y agoAll my contracts that include such an interest clause also include language to the effect of “the lesser of X or the maximum allowed by law”.