Sold my business, they won't pay the second half of the money

[DSG]

I sold my business in Utah. The contract is dated december 31, 2000 and states that they will take possession of the store and merchandise on january 1, 2001 and will in return pay me $32,000. We verbally agreed to wait 7-10 days for the money even though they took physical possesion of the store on the 1st of january. Finally, on the 26th of january, we received half of the money. We are still waiting for the other half. They keep telling us they are closing on the loan, but have not yet really done it. They have good credit and plenty of money. Can we charge them interest on this unpaid money even though that possibility is not addressed in the contract? Can we charge that interest from January 1st when they owed it? How much can we charge and how do we make them comply? Thankyou.

 

[HomeGuru]

The answers to your questions would depend on the terms and provisions in the contract. Hopefully you had an attorney write it up or review it. If not you really need one now.