myöhästymisintressit

Myöhästymisintressit are a concept in Finnish contract law referring to the interest that a creditor can claim on an overdue payment. This is essentially compensation for the delay in receiving the agreed-upon sum. The primary purpose of myöhästymisintressit is to provide a financial incentive for debtors to pay on time and to compensate the creditor for the financial inconvenience caused by the late payment.

The specific rules and rates for myöhästymisintressit are regulated by Finnish law, primarily the Finnish Interest Act (Korkolaki). The Act specifies the reference rate, which is typically based on the European Central Bank's main refinancing operations rate plus a fixed margin. This rate can fluctuate over time.

The right to claim myöhästymisintressit arises automatically when a payment becomes overdue, provided certain conditions are met. Generally, the debtor must have been notified of the debt and the due date. If the due date is clearly stated in the contract, separate notification might not be required. Myöhästymisintressit are calculated from the day after the due date until the payment is fully received.

In addition to statutory myöhästymisintressit, parties can also agree on different interest rates or terms in their contracts. However, these contractual stipulations must still comply with the principles of the Interest Act and cannot be excessively disadvantageous to the debtor. This legal framework aims to balance the interests of both parties, ensuring timely payments while offering some protection against unreasonable penalty rates.