Problem number 5
The company "Stroysnab" has contracted with the company "Saturn" for the construction of commercial premises for the company. According to the contract the work to be completed by October 1, 2003. The cost of work performed is payable within five days from the date of signing the act of acceptance. The contract also stipulates that the late payment of the executed works the customer shall pay interest at the rate of 3 per cent of their value for each day of delay.
The object has been adopted by "Saturn" October 15, 2003. November 10, 2003 the company transferred to the contractor 460 thousand. Rub., Which is 50 percent of the value of work performed.
The company "Stroysnab 'appeal to the Court of Arbitration for the recovery of 460 thousand. Rub. principal and penalties for late payment at a rate of 3 percent for each day of delay.
Objecting to the claim, the firm indicated that recovery of damages law is not set, so the demand for a penalty it considers unfounded. In addition, the amount of the penalty is too high. As for the principal, in this part of the firm recognizes a claim.
Solve the dispute. Make payment penalty.