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Interest on late payment in commercial transactions upheld
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High Court grants the plaintiff's application for summary judgment, awarding €32,835.13 for interest on a late payment in a commercial transaction, on the grounds that the plaintiff had a prima facie entitlement to the interest as they had adhered to the contractual terms and provided a clear calculation of the liquidated sum, and the defendant's contention that the obligation to pay was conditional on the provision of certain documentation was not supported by evidence.
Summary judgment - late payment - commercial transaction - European Communities (Late Payment in Commercial Transactions) Regulations 2012 - statutory late payment interest - prima facie entitlement - procedural compliance - contractual obligations - documentation provision - bona fide defense - liquidated sum calculation - interest claim - High Court.
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