Mathematical calculation of the penalty at the refinancing rate

Breach of contract

If there is a delay in fulfilling the obligations assumed by the contract, the party to whom this violation took place may expect to pay a penalty in the form of a fine or a fine. It is calculated for each overdue day at the end of the time stipulated in the contract. And its size is set according to one three-hundredth part of the refinancing rate of the Central Bank of the country, acting on the day of payment. The violator of his obligations will be released if he can prove that the delay was not due to his fault, but because of the intervention of a third party, natural disasters and other unforeseen circumstances. In addition, provisions for forfeit in the contract are necessary elements of it, as stipulated by the legislation of the Russian Federation.

Temporary measurement of accruals for breach of contract

Days of delay are counted at the end of the last day of compliance with the obligations under the contract. After their implementation, the delay ceases to count from the time specified in the act of fulfilling obligations. If the obligations have not been fulfilled, and the party that caused the breach of the agreements is ready to pay the penalty fee, the date for drawing up the account is the final term for payment of the penalty.

Calculation of penalty at the refinancing rate

The amount of the balance of undelivered goods or services that are not provided is an indication of the amount of the obligation, according to which the amount of outstanding obligations is measured. In cases where the contract is partially executed, the forfeit is calculated at the refinancing rate according to the difference in price under the contract and the amount of services or goods received. That is, the unfulfilled obligations are measured in their material conformity (in units, pairs, kilograms, etc.) with the price expression stipulated in the contract, whether it is a completely not received commodity until a certain moment of cooperation or undercompleted few insignificant points of the contract.

How to calculate a penalty at the refinancing rate

For the operation of determining the exact amount of payment of a penalty according to the refinancing rate, it is necessary, taking into account the period of unfulfilled obligations, to take into account the amount of the bet from the first day to the last, as well as any changes in it during the whole time. Thus, if the forfeit period is equal to 100 days, for the first 25 days the rate was 6.5%, the next 50 days - 7% and the remaining 25 days - 7.2%, then the average rate will have to be calculated as follows:

(6.5 × 25 + 7 × 50 + 7.2 × 25) / 100 = 6.92

Calculation of penalties at the refinancing rate with a certain percentage number, regardless of the current changes during the entire period of default, should be carried out according to the formula:

A = B × ((CP / 300) / 100) × D;

Where:

A - amount of forfeit;

SR - the refinancing rate;

B - the amount of unfulfilled obligations;

D - number of overdue days.

Elements in the formula are extremely clear and logical for most members of modern society, having the opportunity to conduct business relations. It uses
Intuitive settlement of the penalty at the refinancing rate. Which, in turn, is a kind of percentage instrument for measuring financial values, which depends on market fluctuations. In addition to calculating the forfeit, it is customary to use it, determining bank rates, tax percentages, coefficients of loan agreements and other transactions that require the objective intervention of measuring units that are adapted to market conditions and its fluctuations in different time periods.