Section 12.27 Interest

• Library: Construction Law 2016 Supp

8. (§12.27) Interest

Interest is generally recoverable on amounts due, whether attributable to delay costs or otherwise, on construction contracts. J.R. Kemper, Annotation, Allowance of Prejudgment Interest on Builder’s Recovery in Action for Breach of Construction Contract, 60 A.L.R.3D 487 (1974). Occasionally, the contract provides for interest at a stated rate from the date payments are due. In the absence of a contractually stated rate, there is a Missouri statute that allows prejudgment interest from the date due. Section 408.020, RSMo 2000 (nine percent). Missouri and other states allow interest if the claim is “liquidated,” meaning that the amount of the claim can be determined by mathematical computation. Wulfing v. Kansas City S. Indus., Inc., 842 S.W.2d 133 (Mo. App. W.D. 1992); United States ex rel. Conner Universal Co. v. Dimarco Corp., 985 F.2d 954 (8^th Cir. 1993); Stone v. City of Arcola, 536 N.E.2d 1329 (Ill. App. Ct. 1989); First Nat’l Bank of Girard v....