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
Famous quotes containing the words late, payment, commercial and/or act:
““Seven years and six months!” Humpty Dumpty repeated thoughtfully. “An uncomfortable sort of age. Now if you’d asked my advice, I’d have said ‘Leave off at seven’Mbut it’s too late now.””
—Lewis Carroll [Charles Lutwidge Dodgson] (1832–1898)
“There are always those who are willing to surrender local self-government and turn over their affairs to some national authority in exchange for a payment of money out of the Federal Treasury. Whenever they find some abuse needs correction in their neighborhood, instead of applying the remedy themselves they seek to have a tribunal sent on from Washington to discharge their duties for them, regardless of the fact that in accepting such supervision they are bartering away their freedom.”
—Calvin Coolidge (1872–1933)
“The cultivation of one set of faculties tends to the disuse of others. The loss of one faculty sharpens others; the blind are sensitive in touch. Has not the extreme cultivation of the commercial faculty permitted others as essential to national life, to be blighted by disease?”
—J. Ellen Foster (1840–1910)
“If your mother tells you to do a thing, it is wrong to reply that you won’t. It is better and more becoming to intimate that you will do as she bids you, and then afterwards act quietly in the matter according to the dictates of your better judgment.”
—Mark Twain [Samuel Langhorne Clemens] (1835–1910)