b4599b61_mon_Credit_Management_Keywords__Definition
[Term] Contractual interest [Definition] 
Interest on late payment as stipulated in a seller's contract with the debtor. The seller should decide the rate of interest and credit period for the debtor, and should obtain agreement from the debtor to meet these terms. A seller may be challenged in a court of law if either the rate of interest or the length of the credit period are deemed unreasonable. See also Statutory Interest.
A to Z Glossary Of Credit Management Keywords - The A to Z Glossary of Common Credit Management Keywords
Definition