Legal Question in Construction Law in New York
pre-judgment interest
In a mechanic's lein action, is a plaintiff/supplier entitled to pre-judgment interest on an alleged sum due it from a defendant/sub-contractor where the contract( in this case, a purchase order)executed between the parties made no mention of such interest? If the answer is ''yes'' at what rate would that interest be charged?
1 Answer from Attorneys
Re: pre-judgment interest
In most mechanic lien actions, prejudgment interest is rewardable. If the parties have agree on a rate, then that rate would be applied. If there is no agreement on the rate then the statutory prevailing rate will be used. I would recommend that you speak with an attorney to determine the prevailing rate and whether or not the rate would be applicable to your specific situation.
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