Interest clauses

Resource type: Practice Note

Status: Maintained

Jurisdictions: England, Wales

A note giving guidance on a standard form boilerplate clause for interest on overdue payments under a contract. It includes guidance on when an interest clause may be unenforceable as a penalty clause, and on the effect of the Late Payment of Commercial Debts (Interest) Act 1998, as amended by the Late Payment of Commercial Debts Regulations 2013.

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Resource ID: 7-107-3799
Products: IP&IT, PLC UK Commercial, PLC UK Construction, PLC UK Corporate, PLC UK Dispute Resolution, PLC UK Finance, PLC UK Law Department, PLC UK Property, PLC UK Public Sector, PLC UK Share Schemes & Incentives, PLC UK Tax
This resource is maintained, meaning that we monitor developments on a regular basis and update it as soon as possible.

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Can public authorities displace statutory late payment interest by a lower contractual rate? Can public authorities displace statutory late payment interest by a lower contractual rate? (http://us.practicallaw.com/topic9-526-5986)
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