JUDGMENT

Ong CJ:

The issue raised in this appeal and cross-appeal is a simple one. The appellants contracted to carry out certain civil engineering works for the respondents who are property developers. Payments therefore were to be made within 14 days from the delivery of certificates issued from time to time by the engineers appointed by the respondents. Between February 1969 and November 1970 a total sum of $1,190,165.17 was certified as due and payable pursuant to the agreements between the parties. Part payment only to the extent of $330,000 had been made, and judgment in this action was duly entered against the respondents for the balance of $860,165.17. Leave to defend was granted as to the claim for interest - at the rate of 10.8% per annum - which the respondents disputed. The trial Judge allowed the claim, at the rate of 5% simple interest on all sums certified due but not paid within 14 days thereafter.

In this appeal the appellants contend that interest at 10.8% should have been awarded, or some other reasonable rate above 5%. The respondents' contention is that, upon his finding of fact that no definite rate of interest had been agreed upon, the learned trial Judge wa