Late-payment rules — what’s changing? What drafting changes do you need to make? - .PDF file.
Minor changes to the UK’s late-payments regime take effect on 16 March 2013. Customer and supplier organisations should review B2B contracts for goods and services to ensure payment periods do not fall foul of the amended rules. Suppliers will have the right to reasonable costs of recovering late payments. Other aspects of the Late Payments of Commercial Debts (Interest) Act 1998, such as interest rates, remain unchanged — but this is a good opportunity to spring-clean late-payments provisions to ensure they are enforceable.
Click on the link above to download the briefing from Olswang.