Due Date

The due date (förfallodag) is the specific calendar date by which a monetary payment is legally obligated to be made. This date can be established through various means, including explicit contractual agreements between parties, provisions in specific laws or regulations, or by the presentation of a formal demand for payment by the creditor. The due date is a critical concept within the Interest Act because it marks the point from which default interest typically begins to accrue if the payment is not made on time. Failure to meet the due date triggers the debtor's liability for default interest.