Some contracts stipulate that the whole contract price should be paid before the goods are delivered or the service is performed. Ditech. Section 6 provides the full definition of an sme for the purposes of this legislation. What happens if the contract requires advance payment s ?The late payment of commercial debts rate of interest no. How should i inform purchasers that they will be charged interest and/or reasonable debt recovery costs if they pay late?The calculation of statutory interest rate for late payment will be simplified.

Definitions in the new late payment legislation. The better payment practice group was formed in 1997 as a partnership between the public and private sectors. The following user’s guide explains how the late payment legislation in england and wales works for contracts made on or after 7th august 2002. In 2002 the government introduced amended late payment legislation. What if your contracts provide for advance payment?