33-U.S.C.-2705
§2705 – Interest; Partial Payment of Claims
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Title 33 > Chapter 40 > Subchapter I > Section 2705
Details
- Reference: Section 2705
- Legend: §2705 – Interest; Partial Payment of Claims
- USCode Year: 2013
Provision Content
(a) General rule
The responsible party or the responsible partys guarantor is liable to a claimant for interest on the amount paid in satisfaction of a claim under this Act for the period described in subsection (b) of this section. The responsible party shall establish a procedure for the payment or settlement of claims for interim, short-term damages. Payment or settlement of a claim for interim, short-term damages representing less than the full amount of damages to which the claimant ultimately may be entitled shall not preclude recovery by the claimant for damages not reflected in the paid or settled partial claim.
(b) Period
(1) In general
Except as provided in paragraph (2), the period for which interest shall be paid is the period beginning on the 30th day following the date on which the claim is presented to the responsible party or guarantor and ending on the date on which the claim is paid.
(2) Exclusion of period due to offer by guarantor
If the guarantor offers to the claimant an amount equal to or greater than that finally paid in satisfaction of the claim, the period described in paragraph (1) does not include the period beginning on the date the offer is made and ending on the date the offer is accepted. If the offer is made within 60 days after the date on which the claim is presented under section 2713(a) of this title, the period described in paragraph (1) does not include any period before the offer is accepted.
(3) Exclusion of periods in interests of justice
If in any period a claimant is not paid due to reasons beyond the control of the responsible party or because it would not serve the interests of justice, no interest shall accrue under this section during that period.
(4) Calculation of interest
The interest paid under this section shall be calculated at the average of the highest rate for commercial and finance company paper of maturities of 180 days or less obtaining on each of the days included within the period for which interest must be paid to the claimant, as published in the Federal Reserve Bulletin.
(5) Interest not subject to liability limits
(A) In general
Interest (including prejudgment interest) under this paragraph is in addition to damages and removal costs for which claims may be asserted under section 2702 of this title and shall be paid without regard to any limitation of liability under section 2704 of this title.
(B) Payment by guarantor
The payment of interest under this subsection by a guarantor is subject to section 2716(g) of this title.
(Pub. L. 101–380, title I, §1005, Aug. 18, 1990, 104 Stat. 493; Pub. L. 104–324, title XI, §1142(a), Oct. 19, 1996, 110 Stat. 3991.)
References in Text
This Act, referred to in subsec. (a), is Pub. L. 101–380, Aug. 18, 1990, 104 Stat. 484, as amended, known as the Oil Pollution Act of 1990, which is classified principally to this chapter. For complete classification of this Act to the Code, see Short Title note set out under section 2701 of this title and Tables.
Amendments
1996—Pub. L. 104–324, §1142(a)(1), inserted ; partial payment of claims after Interest in section catchline.
Subsec. (a). Pub. L. 104–324, §1142(a)(2), inserted at end The responsible party shall establish a procedure for the payment or settlement of claims for interim, short-term damages. Payment or settlement of a claim for interim, short-term damages representing less than the full amount of damages to which the claimant ultimately may be entitled shall not preclude recovery by the claimant for damages not reflected in the paid or settled partial claim.
U.S. Encyclopedia of Law Coverage
Title 33 – Navigation And Navigable Waters in the Legal Encyclopedia: Oil Pollution
In this entry about Title 33 – Navigation And Navigable Waters, find legal reference material, bibliographies and premiere content related to oil pollution in the American Encyclopedia of Law, presenting a comprehensive view of the United States oil pollution-specific issues, written by authorities in the field.
Subchapter I – Oil Pollution Liability and Compensation in the Legal Encyclopedia: Liability
In this entry about Subchapter I – Oil Pollution Liability and Compensation, find legal reference material, bibliographies and premiere content related to liability in the American Encyclopedia of Law, presenting a comprehensive view of the United States liability-specific issues, written by authorities in the field.
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