(1) A law practice may charge interest on unpaid legal costs—
(a) if a costs
agreement provides for charging interest on unpaid legal costs—under the
costs agreement; or
(b) otherwise—if the costs are unpaid 30 days or more
after the law practice has given a bill for the costs under this part.
(2)
However, a law practice must not charge interest under subsection (1) on
unpaid legal costs unless the bill for the costs contains a statement that
interest is payable and of the rate of interest.
(3) A law practice may not
charge interest under this section, including under a costs agreement, at a
rate that is more than the rate prescribed under a regulation.
