Late Payment of Commercial Debts (Interest) Bill [H.L.]

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House of Commons

Session 1997-98
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Late Payment of Commercial Debts (Interest) Bill [H.L.]

This is the text of the Late Payment of Commercial Debts (Interest) Bill [H.L.], as passed by the House of Lords and introduced in the House of Commons on 26 February 1998.

EXPLANATORY MEMORANDUM

Late Payment of Commercial Debts (Interest) Bill [H.L.]

ARRANGEMENT OF CLAUSES

PART I

STATUTORY INTEREST ON QUALIFYING DEBTS

Clause

1. Statutory interest.

2. Contracts to which Act applies.

3. Qualifying debts.

4. Period for which statutory interest runs.

5. Remission of statutory interest.

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.

© Parliamentary copyright 1998
Prepared 27 February 1998