Summary
Summary ULAW LPC, Dispute Resolution Chapter Readings
- Course
- Institution
ULAW LPC, Dispute Resolution Chapter Readings
[Show more]
Seller
Follow
tiffany_liao
Content preview
DR – WS3 Statement of case TIFF LIAOCivil Litigation Book – Chapter 2.7 Interest
SPECIFIED AND UNSPECIFIED
CLAIMS
FOR MONEY
- The CPR 1998 provide NO DEFINITION of a claim for a specified or unspecified sum of money.
- The N1A Notes for a C on completing the claim form (see 5.3.1 and the copy at Appendix A(1)) refer to a
claim for a fixed amount of money as being a SPECIFIED amount .
On that basis, a specified claim is in the nature of a debt
(ie, a fixed amount of money due and payable under and by virtue of a contract - The amount
will be known already (from, say, an invoice), or it should be capable of being determined by
mere mathematics (from, say, a contractual formula).
Examples might include the price of goods sold, commission said to be due under express
contractual terms or consideration said to have failed totally.
- If the court will have to conduct an investigation to decide on the amount of money payable, the claim is
best seen as being for an UNSPECIFIED amount
even if the C puts some figures forward for the amount claimed.
For example, in a damages claim for breach of contract, the claimant might have had to
repair or replace goods. Whilst a figure can be given for the cost of that, it will be for the trial judge
to determine if it is reasonable.
Thus, damages claims should usually be regarded as unspecified.
WHAT IF A CLAIM IS A MIXTURE OF SPECIFIED AND UNSPECIFIED AMOUNTS?
- For example, the recovery of consideration paid that has failed totally (a specified amount), + damages for
breach of contract (unspecified amounts).
In these circumstances the entire claim is treated as an UNSPECIFIED claim.
ENTITLEMENT TO INTEREST
- Pre-action, a prospective claimant can demand interest on a claim ONLY IF entitled to it under any
contractual provision
- (including any provision implied by the Late Payments of Commercial Debts (Interest) Act 1998)
BREACH OF - In these cases, there are 3 ALTERNATIVE claims to interest:
CONTRACT INCL
DEBT CLAIMS (1) The contract itself may specify a rate of interest payable on any outstanding
sum. This will be the rate negotiated between the parties. The court will usually
apply this rate.
(2) It may be possible to claim interest under the Late Payment of Commercial
Debts (Interest) Act 1998 (see below).
(3) In all other cases, the court has a discretion to award interest either under:
s 35A of the Senior Courts Act 1981 (SCA 1981) in respect of HIGH Court
cases, OR
s 69 of the County Courts Act 1984 (CCA 1984) in respect of COUNTY
Court cases.
The current rate of interest payable under either statute is:
8% pa in NON-commercial cases and,
generally, 1% or 2% pa over base rate in commercial cases
- Since a debt claim is for a specified amount of money, interest must be claimed
1
TIFF LIAO
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller tiffany_liao. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.35. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
64438 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now