- Draft legislation
This is a draft item of legislation. This draft has since been made as a UK Statutory Instrument: The Reporting on Payment Practices and Performance Regulations 2017 No. 395
6.—(1) A qualifying contract is a relevant contract which satisfies the conditions in paragraphs (2) and (3).
(2) The first condition is that the relevant contract is not a contract for financial services, as defined in section 2 of the Small Business, Enterprise and Employment Act 2015.
(3) The second condition is that the relevant contract is—
(a)governed by the law of a part of the United Kingdom otherwise than by choice of the parties;
(b)governed by the law of a part of the United Kingdom by choice of the parties, and—
(i)has a significant connection with that part of the United Kingdom, or
(ii)without that choice, its applicable law would still be the law of a part of the United Kingdom; or
(c)governed by a foreign law by choice of the parties and—
(i)without that choice, its applicable law would be the law of a part of the United Kingdom, and
(ii)has no significant connection with any country outside the United Kingdom.
(4) In this regulation “foreign law” means the law of a country outside the United Kingdom.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Draft Explanatory Memorandum sets out a brief statement of the purpose of a Draft Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Draft Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Impact Assessments generally accompany all UK Government interventions of a regulatory nature that affect the private sector, civil society organisations and public services. They apply regardless of whether the regulation originates from a domestic or international source and can accompany primary (Acts etc) and secondary legislation (SIs). An Impact Assessment allows those with an interest in the policy area to understand:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: