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Delayed payment interest template for contractors
A claim for interest on delayed payment under the MSMED Act: bill, amount, acceptance, due date, payment date, days late and compound interest at three times the bank rate.
Columns and filled rows
All 9 columns, filled from one work order so the arithmetic can be checked. The download opens in Excel, Google Sheets or LibreOffice.
| Bill | Amount (₹) | Accepted on | Due by (45 days) | Paid on | Days late | Bank rate used (%) | Interest rate (3x bank rate, %) | Interest (₹) |
|---|---|---|---|---|---|---|---|---|
| RA 9 | 28,46,500.00 | 10-06-2026 | 25-07-2026 | 08-09-2026 | 45 | 5.75 | 17.25 | 60,745 |
| RA 10 | 29,62,180.00 | 15-07-2026 | 29-08-2026 | 28-10-2026 | 60 | 5.75 | 17.25 | 84,583 |
| Total | 58,08,680.00 | 1,45,328 |
When the delayed payment interest is used
When a buyer pays a micro or small enterprise later than the agreed period, which under the MSMED Act, 2006 may not exceed 45 days from acceptance.
- Interest is compound with monthly rests at three times the bank rate notified by the RBI. Use the bank rate in force; 5.75% here is the rate used in this example.
- Days late are counted from the due date (agreed period, at most 45 days from acceptance) to the date of payment.
- Interest = amount x ((1 + rate / 12) ^ (days late / (365 / 12)) - 1). For RA 9: 28,46,500 x ((1 + 0.1725 / 12) ^ 1.479 - 1) = ₹60,745.
3.2RCC M25 in slabs, 74.20 cumQuery
Executive Engineer · 2 Nov, 11:05
Slab S3 depth reads 150 mm. Drawing S-104 shows 125 mm. Please confirm.
Site engineer · 2 Nov, 11:40
Revised drawing S-104 R2, 14 Sept, attached with the measurement photo.
Certify 74.20 cumCertify partHold