Statutory interest assessment for public contract involving technology leader. Estudio Olaechea advised Nokia on a matter that involved determining the application of statutory interest and its calculation method within the framework of a contract pursued before a public entity.
Claim arising from public entity’s payment delays: In this case, the public entity incurred delays in paying Nokia for certain invoices, making it necessary to demand payment of statutory interest, which had to be calculated in accordance with the applicable legal regulations.
Interpreting public procurement rules to claim statutory interest: The complexity of the case required reviewing the Supervising Agency of Government Procurement (OSCE) rulings regarding the application of statutory interest, as these are not clearly explained in the Public Procurement Law. Accordingly, we carried out an interpretation of public procurement regulations and demanded the payment of the statutory interest owed due to the delay incurred by the public entity.
Pioneering technology and innovation for over 155 years: Nokia is a B2B technology innovation leader with over 155 years in business. Operating in 130 countries, Nokia has received 10 Nobel Prizes for ground-breaking inventions and has more than 7,000 patent families declared as essential to 5G.
Latest development: The public entity was formally requested to fulfil the payment, including the corresponding interest.
