(1) The default interest rate shall be the corporate lending rate of the Bank of Central African States (BEAC), increased by one (1) point.
(2) For payments in a currency other than the CFA franc, the default interest rate shall correspond to the discount rate applied by the Bank issuing the currency, increased by at most one (1) point.
(3) The amount of default interest shall be calculated using the formula below:
I = M x (n/360) x (1) where:
M = Amount, inclusive of taxes, owed to the holder; N = Number of calendar days of default; I = BEAC corporate lending rates increased by one (1) point or discount rate applied by the Bank issuing the currency involved, increased by at most one (1) point, as the case may be.
(4) Default interest may not apply to amounts already comprising compensation for delayed payments.
(5) Default interest shall not be taxable.
Official text
Transcription: Spot-checked
In force from 20-06-2018
Source page 64
The document's transcription was spot-checked against the supplied source; this does not confirm a line-by-line review of every provision.
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Section 167 of the Public Contracts Code/akn/cm/act/decret/2018-06-20/2018-366
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