Only 30 days to settle bills • Hauliers could start
4th June 1998, Page 10
4th June 1998
Page 10
Page 10, 4th June 1998
— Only 30 days to settle bills • Hauliers could start
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charging a higher rate of interest on outstanding debts at the end of July when a new law designed to clamp down on late payment will be introduced. The Late Payment of Commercial Debts (Interest) Bill received its third reading in Parliament this week. Following its passage through the House of Lords it should gain Royal Assent and become law later in the summer.
The bill means that hauliers with fewer than 50 employees will be able to claim interest on late payment at the base rate plus 8%. For hauliers who have no late payment terms in their contracts, "late payment" will be taken to mean more than 30 days from the date of invoice or from delivery of the goods or service.