Text about late payment of interest

This part has effect without prejudice to any other ground which may affect the validity of a contract term. Requests for clarification of particular entries. The european union directive on late payment comes into effect to cover work commissioned on or after 7 august 2002. Treatment of advance payments of the contract price.

You do not have to claim interest and compensation if you do not wish to. This will stop interest running on the amount you have sent. These regulations by virtue of regulation 5 do not apply to contracts made before the 7th august 2002.

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Late payment of interest simulation

Simplification of the calculation of statutory interest. The payment is overdue 30 days after that, which is 18/05/2012. We will make a written record of any meeting we have with you and you can ask for a copy.

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