Changes to the late-payments regime
The Late Payment of Commercial Debts Regulations 2013 came into force on 16 March amending the previous legislation, which had been in place since 1998. This article explores the changes to the late-payment regime that organisations including charities should be aware of.
Under the previous legislation, if a purchaser of goods or services in a business-to-business contract was late paying, the supplier could recover interest on the outstanding amount at a rate of Bank of England base rate plus eight per cent.
The parties could, however, agree an alternative amount provided it gave the supplier a ‘substantial remedy’ for late payment of the debt.
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