New South Wales Consolidated Acts

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Interest on agreed payment of lump sum compensation

111 Interest on agreed payment of lump sum compensation

(cf former s 115)

(1) Unless the Commission orders in any particular case that interest be not payable, interest is payable on so much of the amount of any sum agreed to be paid as permanent impairment compensation or pain and suffering compensation 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 the rate prescribed for the purposes of section 101 of the Civil Procedure Act 2005 or, if the regulations under this Act prescribe some other rate, at that other prescribed rate, and
(c) forms part of the sum agreed to be paid, but not so as to require the payment of interest on interest.

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