Financial: Electronics/ late payments
Page 32
If you've noticed an error in this article please click here to report it so we can fix it.
Electronic commerce
=VI With the development of electronic business dealings, the Department of Trade and AZ Industry has published the Electronic Commerce Bill, which is designed to ensure that messages sent electronically are secure. The bill proposes:
• To promote the legal recognition of electronic signatures in electronic commerce; • To introduce a voluntary licensing regime for Certification Authorities, Trusted Third Parties and other providers of cryptographic services. The Government will also consult on whether the legal framework needs amendment (including to provide for the legal recognition of digital contracts and signatures).
Late payment The Late Payment of Commercial Debts (Interest) Act* has now received Royal Assent. This gives small businesses a statutory right to claim interest on overdue commercial debt. It will be phased in from November.
The Government is also supporting; • The Federation of Small Businesses' plans to Publish league tables of Plcs' average payment times; • The development of an NVQ in credit management; • The Better Payment Group's work to promote the business benefits of improving the payment culture; • Information to be provided via Business Links and the Internet Enterprise Zone. * Available soon from the Stationery Office.