Legal Question in Business Law in Idaho

Re: Back Charges on Account

It is if you have that written in your contract with the debtor, for ex: "Creditor shall not be deemed to have waived any of the legal rights agreed to herein by not exercizing such rights. Creditor may exercise such rights at any time."

2. you should also have a section that states that (simple or compound for ex:) interest shall accrue at the rate of eighteen percent (18% for example) on all monies due and owing at (whatever time period you want to use-I use "the first day of each and every month that the non-payment according to the contract exists", for example.

3. If you don't have anything in your contract, Idaho Code section 28-22-104, which changes every year sets the pre-judgment interest rate each and every year.

4. you should state this in your contract with anyone who owes you money in some manner.

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