(b) any interest due under this contract as a result of the breach. DEFAULT 26. Interest Interest at a rate of 2% per plus the rate for the time being fixed by section 2 of the Penalty Interest Rates Act 1983 is payable on any money owing under the contract during the period of default, without affecting any other rights of the offended party. 27. Default notice Sch. Form 2 general condition 27.1 amended by S.R. No. 163/2011 reg. 6(17). 27.1 A party is not entitled to exercise any rights arising from the other party's default, other than the right to receive interest and the right to sue for money owing, until the other party is given and fails to comply with a written default notice. 27.2 The default notice must: (a) specify the particulars of the default; and Sch. Form 2 general condition 27.2(b) amended by S.R. No. 163/2011 reg. 6(18). Form 2 (b) state that it is the offended party's intention to exercise the rights arising from the default unless, within 14 days of the notice being given— (i) the default is remedied; and (ii) the reasonable costs incurred as a result of the default and any interest payable are paid.
(b) any interest due under this contract as a result of the breach. DEFAULT 26. Interest Interest at a rate of 2% per plus the rate for the time being fixed by section 2 of the Penalty Interest Rates Act 1983 is payable on any money owing under the contract during the period of default, without affecting any other rights of the offended party. 27. Default notice Sch. Form 2 general condition 27.1 amended by S.R. No. 163/2011 reg. 6(17). 27.1 A party is not entitled to exercise any rights arising from the other party's default, other than the right to receive interest and the right to sue for money owing, until the other party is given and fails to comply with a written default notice. 27.2 The default notice must: (a) specify the particulars of the default; and Sch. Form 2 general condition 27.2(b) amended by S.R. No. 163/2011 reg. 6(18). Form 2 (b) state that it is the offended party's intention to exercise the rights arising from the default unless, within 14 days of the notice being given— (i) the default is remedied; and (ii) the reasonable costs incurred as a result of the default and any interest payable are paid.
08-97sr003.docx