Late Payment of Commercial Debts (Interest) Act 1998

Link to law:

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now
Introductory Text

Part I Statutory Interest on Qualifying Debts

1. Statutory interest.
2. Contracts to which Act applies.
2A. Application of the Act to Advocates
3. Qualifying debts.
4. Period for which statutory interest runs.
5. Remission of statutory interest.
5A. Compensation arising out of late payment
6. Rate of statutory interest.

Part II Contract terms relating to late payment of qualifying debts

7. Purpose of Part II.
8. Circumstances where statutory interest may be ousted or varied.
9. Meaning of “substantial remedy”.
10. Interpretation of Part II.

Part III General and Supplementary

11. Treatment of advance payments of the contract price.
12. Conflict of laws.
13. Assignments, etc.
14. Contract terms relating to the date for payment of the contract price.
15. Orders and regulations.
16. Interpretation.
17. Short title, commencement and extent.