33 U.S.C. § 2705 : US Code - Section 2705: Interest; partial payment of claims

Search 33 U.S.C. § 2705 : US Code - Section 2705: Interest; partial payment of claims

(a) General rule
The responsible party or the responsible party's 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.