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Subcontractor not paying contractor

I have a subcontractor that collected money directly from my clients behind my back and hasn't paid me for the percentage owed to my company. It's been over 7 months and monthly reminders have been sent. What is the legal late fee and interest that is allowed in Idaho? Please advise. Thanks!

1 reply

Aug 2, 2021

The statutory interest rate for amounts owed pursuant to an agreement is 12% per annum. Late fees are not allowed unless contractually agreed upon. The courts will also uphold another interest rate - regardless of whether it's higher or lower than the statutory rate - if it is defined in the parties' agreement. The statute of limitations for written agreements is five years. The statute of limitations for oral agreements is four years. Good luck!

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