viivästysseuraamuksiin

Viivästysseuraamukset are legal consequences that arise when a party fails to fulfill a contractual obligation within the agreed-upon timeframe. In Finland, these are primarily governed by the Finnish Interest Act (Korkolaki). When a debtor is late in paying a sum of money, the creditor is entitled to charge interest on the delayed payment. This interest serves as compensation for the financial loss incurred due to the delay.

The rate of the statutory interest is set by the Bank of Finland and is adjusted twice a year. This rate applies to consumer transactions and other cases where a specific interest rate has not been agreed upon. In commercial transactions, parties are generally free to agree on their own late payment interest rates, which can often be higher than the statutory rate. However, there are limits to how unreasonable these agreed-upon rates can be.

Beyond interest, other consequences can arise from late performance, depending on the nature of the contract and the applicable laws. For instance, in cases of significant delays or breaches, the non-defaulting party may have the right to terminate the contract or claim damages beyond the accrued interest. The specific remedies available will depend on the terms of the contract and the governing legislation, such as the Finnish Sale of Goods Act or the Contracts Act. It is important for parties to understand their obligations and the potential repercussions of late performance to avoid disputes and financial penalties.