WORKERS' COMPENSATION AND INJURY MANAGEMENT ACT 1981 - SECT 224
WORKERS' COMPENSATION AND INJURY MANAGEMENT ACT 1981 - SECT 224
224 . Interest on unpaid amount of agreed sum
(1) An arbitrator may
order, in accordance with the regulations, that interest is payable on so much
of the amount of any sum agreed to be paid under this Act as is from time to
time unpaid.
(2) Interest payable
under subsection (1) in respect of any sum so agreed to be paid —
(a) is
to be calculated as from the date provided by the agreement as the date when
the sum is due to be paid or, if the agreement does not so provide, the date
that is 21 days after the date the agreement was made; and
(b) is
to be calculated at a rate prescribed by or determined under the regulations;
and
(c)
forms part of the sum agreed to be paid, but not so as to require the payment
of interest on interest.
[Section 224 inserted: No. 42 of 2004 s. 130.]