viivästyskoron

Viivästyskorko is a Finnish term referring to interest charged on overdue payments. It is a legally defined rate applicable to debts that are not settled by their due date. The purpose of viivästyskorko is to compensate the creditor for the financial loss incurred due to the delay in payment and to encourage timely settlement of obligations.

The specific rate of viivästyskorko is determined by Finnish law and can be adjusted periodically. For consumer transactions, the rate is typically set as the statutory interest rate plus a specified margin. For commercial transactions, the parties can agree on a different interest rate, but if no agreement is made, the statutory rate applies. The interest begins to accrue from the day after the due date until the payment is received.

Viivästyskorko applies to a wide range of debts, including invoices for goods and services, loan repayments, and rent. It is a common mechanism in Finnish contract law to address late payments and maintain financial discipline. The calculation of viivästyskorko is generally straightforward, based on the principal amount of the overdue debt and the applicable interest rate over the period of delay. Creditors are entitled to claim viivästyskorko without having to prove any specific damages.