PAYMENTS

Throughout its history, GAWA has never failed to make a payment to a supplier or sub-contractor within the agreed time.

This standard of achievement is one of our fundamental policies.

Should a client of GAWA fail to make any payment on time or to a subsequently agreed deadline then GAWA reserves the right to charge interest on any outstanding amount at the rate of 8% over the published Bank of England base rate for any period of delay. Bank base rate is published in the Financial Times each day under the heading UK Interst Rates or tel: 0171 601 4878 for past rates (at time of invoice). Interest is simple not compound. It is calculated as follows:

debt X interest rate X number of days late over 365

For example:

If base rate is/was 7% then the statutory rate of interest we charge is 15% i.e. 7% + 8%

If debt is £1,000 and it is paid 30 days late then interest owed is: £1,000 x 15% = £150 (the annual rate) £150 divided by 365 = 41.09 (the daily rate) 41.09 x 30 days = £12.33 interest charge (on top of the outstanding amount).