Does the interest amount also get deducted from the contract or only the pricniple amount? If the interest is not deducted from the contract should it only be referenced in the narrative to show the total amount owed by the contractor?
Principle amount to repay :$1,046,589
Inerest amount: $197,939
Total amount from contractor: $1,244,528
You deduct the entire amount, including interest, from the contract, if possible. The contract modification must show the deduction for defective pricing, the amount of interest and the total amount being deducted- all separately just as you wrote it.
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