Legal Question in Credit and Debt Law in Minnesota
Interest on plumber's invoice
I am a general contractor. I hired a large plumbing co. to do some plumbing on a project. Home owner never paid for said project due to unrelated issues they had. Plumber's invoice was $5851 and has accumulated $1,400 interest while I mediated the bill with the owners. Now, do I have to pay this interest to the plumbing co? We have no written contract whatsoever and I have been paying $500/month payments in the meantime. If I pay only the original amount can they win a judgement against me for the interest with no contract? I cannot collect unpaid funds since I account on a cash basis, as I am sure they do also. What is the law on interest for contractors?
Thanks in advance,
Brent
1 Answer from Attorneys
Re: Interest on plumber's invoice
Need to know party's ID:corp or individual?
How was rate calculated? Statutory interest rate may apply.
Call or e-mail for more assistance.