33 U.S.C. § 2705 — Interest; partial payment of claims
submitted 36 years ago by Pub. L. 101-380 to r/title-33-NAVIGATION-AND-NAVIGABLE-WATERS · 473 words · no verdicts yet
A translation hasn’t been published for this section yet. The official text below is complete and authoritative.
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). 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.
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.
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.
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.
The interest paid for claims, other than Federal Government cost recovery claims, 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.
The interest paid for Federal Government cost recovery claims under this section shall be calculated in accordance with section 3717 of title 31.
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.
The payment of interest under this subsection by a guarantor is subject to section 2716(f).1
Source credit: (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; Pub. L. 117–263, div. K, title CXIII, § 11311, Dec. 23, 2022, 136 Stat. 4086; Pub. L. 119–60, div. G, title LXXVII, § 7701(g)(5), Dec. 18, 2025, 139 Stat. 1836.)
- 1990Enacted · Pub. L. 101-380 · 104 Stat. 493
- 1996Amended · Pub. L. 104-324 · 110 Stat. 3991
- 2022Amended · Pub. L. 117-263 · 136 Stat. 4086
- 2025Amended · Pub. L. 119-60 · 139 Stat. 1836
A history note hasn’t been published yet. The record shows enactment by Pub. L. 101-380 on 1990-08-18.
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