Interest under the Late Payment of Commercial Debts (Interest) Act 1998
A practice note outlining the application of the Late Payment of Commercial Debts (Interest) Act 1998 to business-to-business commercial contracts in the UK, including the implied rights to statutory interest, a fixed sum and recovery costs for late payments. The note includes an examination of the requirements for these entitlements, the methods for their calculation and the potential for contracting out through a "substantial contractual remedy".
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