Rights in law
- The payment date specified in the contract
- The usual credit period that the parties have according to custom and practice in the course of their dealings
- The Act's default period of 30 days (where no credit period is defined in the contract, or no contract exists).
Colette Fenn is a solicitor in the IT and e-commerce group at Tite & Lewis. Tel: 020-7785 1234; e-mail: colette.fenn@ titeandlewis.com
- Review procedures so that invoices are issued promptly
- Review your procedures for disputed payments so that disputes can be resolved quickly
- Consider carefully any contractual right to claim interest, monitor invoices for non-payment and institute proceedings accordingly to recover interest.