Contractual interest for late payments and legal interest / Law of Yemen, Article 210 of the Yemen Commercial Code / Rate of interest

'The contract provides for interest at 5 per cent per annum on late payments. This is in accordance with Article 210 of the Yemen Commercial Code (Law N° 39 for the year 1976) which provides that interest is presumed in commercial loans unless it is expressly agreed otherwise and that if there is no agreed percentage then, what is applied to the contract will be the legal interest as decided by the appropriate authorities.

The entitlement of the Claimant to interest to October 1990 is as follows:

a) Interest on balance due on certificates issued by the Defendant's Engineer, calculated at the contract rate of 5% per annum:

(…)

b) lnterest due on claims

(...), calculated at the contract rate of 5% per annum:'