However most businesses automatically assume of 30 day payments period regardless of the company they are dealing with. The late payment of commercial debts regulations 200. The late payment of commercial debts interest act 1998 4 shall be amended as follows. Late payment of commercial debts interest act 199. For commercial contracts dated from 7 august 2002. Providing the supplier provides a ‘substantial remedy’ for late payment, their terms and conditions of trading will be enforceable. The rate of late payment interest is 8% above base rate. london & county mortgages

The 30- day default period starts running from the later of the actions. Late payment of commercial debts interest act 199. Can an independent representative body challenge void grossly unfair commercial contract terms and conditions without having been requested to by at least 1 sme?It aims to improve the uk business community's payment culture and to reduce the incidence of the late payment of commercial debt. Late payment of commercial debts interest act 199.