19A NCAC 05B .0103. DAILY INTEREST FORMULA

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The daily interest formula used by the fiscal section to compute interest due a contractor on his final estimate as provided in the Department's construction handbook, "Standard Specifications for Roads and Structures", Sections 109-110 shall be (a/365)x(b)x(c) where:

(1)        "a" is number of days for which interest is due,

(2)        "b" is interest rate,

(3)        "c" is amount on which interest is due.

History Note: Authority G.S. 143‑2; 143B‑10(j); 143B‑348;

Eff. July 1, 1978;

Amended Eff. December 1, 1993; July 1, 1982.

                    
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