Delaware late fee law

Set by formula or published periodically rather than fixed in statute, so it must be looked up for the period in question.

No fixed statutory number. Where there is no expressed contract rate, the legal rate of interest is 5% over the Federal Reserve discount rate (including any surcharge) as of the time interest is due, per 6 Del. C. § 2301(a). Verified on the official Delaware Code site (delcode.delaware.gov).

Parties may agree in writing to interest; § 2301(a) generally caps agreed rates at 5% over the Federal Reserve discount rate, but § 2301(c) removes any limitation on the rate that may be charged where the amount of money loaned or used exceeds $100,000 and repayment is not secured by a mortgage on the borrower's principal residence - so most sizable B2B credit is effectively uncapped. For smaller commercial balances the formula cap nominally applies; verify application to trade credit with counsel.

public+private-construction

Building Construction Payments Act (6 Del. C. ch. 35): owners must pay undisputed amounts within 30 days of end of billing period or invoice delivery (§ 3507); late amounts accrue an interest penalty computed at the legal rate in effect when the obligation accrues (§ 3506), with unpaid penalties added to principal after each 30-day period; applies to private construction (residential projects of 6 or fewer units excluded) and public works contracts may not materially alter ch. 35 prompt-payment rights. No general public goods/services prompt-payment act was located; verify with counsel.

No Delaware statute specifically governing flat late fees on commercial invoices was found. Agreed late fees are generally enforceable subject to the liquidated-damages/penalty doctrine; interest-type charges above the § 2301 formula rate are safest on balances over $100,000 (uncapped under § 2301(c)) or under an express written agreement.