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Late Payment of Commercial Debts (Interest) Act 1998

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10 Interpretation of Part II.E+W+S+N.I.

(1)In this Part—

  • contract term” means a term of the contract creating the debt or any other contract term binding the parties (or either of them);

  • contractual remedy” means a contractual right to interest or any contractual remedy other than interest;

  • contractual right to interest” includes a reference to a contractual right to charge interest;

  • overall remedy”, in relation to the late payment of the debt, means any combination of a contractual right to interest, a varied right to statutory interest or a contractual remedy other than interest;

  • substantial remedy” shall be construed in accordance with section 9.

(2)In this Part a reference (however worded) to contract terms which vary the right to statutory interest is a reference to terms altering in any way the effect of Part I in relation to the debt (for example by postponing the time at which interest starts to run or by imposing conditions on the right to interest).

(3)In this Part a reference to late payment of the debt is a reference to late payment of the sum due when the debt is created (excluding any part of that sum which is prevented from carrying statutory interest by section 3).

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I1S. 10 fully in force; s. 10 not in force at Royal Assent see s. 17(2); s. 10 in force for specified purposes: at 1.11.1998 by S.I. 1998/2479, art. 3; at 1.7.1999 by S.I. 1999/1816, art. 3; at 1.9.2000 by S.I. 2000/2225, art. 3(1), Sch.; at 1.11.2000 by S.I. 2000/2740, art. 3(1); S. 10 in force (E. W. NI.) in so far as not already in force at 7.8.2002 by S.I. 2002/1673, art. 2; S. 10 in force (S.) in so far as not already in force at 7.8.2002 by S.S.I. 2002/337, art. 2

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