The Late Payment of Commercial Debts (Interest) Act 1998 is an Act of the United Kingdom Parliament enabling businesses to charge other business customers interest on overdue accounts and to obtain compensation. The Act extends to Scotland and Northern Ireland.
Originally it was only designed to give small and medium sized businesses (with 50 or fewer employees) the right to charge interest to larger businesses and public sector organisations of any size.
Read more about Late Payment Of Commercial Debts (Interest) Act 1998: Statutory Interest, Compensation Chargeable, Ousting The Statutory Interest, Arrangement, Amendments To The Original Legislation
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—Ralph Waldo Emerson (1803–1882)