EXPLANATORY NOTE
(This note is not part of the Regulations)
These Regulations implement Directive 2011/7/EU of the European Parliament and of the Council of 16th February 2011 on combating late payment in commercial transactions.
These Regulations (by virtue of Regulation 2) amend section 4 of the Late Payments of Commercial Debts (Interest) Act 1998 to remove an additional 30 day time period before the payment period begins where a purchaser has the option of confirming that the goods or services they have received from the supplier conform with the contract. A purchaser has a period of 30 days or longer as otherwise agreed and provided it is not grossly unfair to the supplier, to confirm that the goods or services they have received from the supplier conform with the contract before the payment period commences.
These Regulations (by virtue of Regulation 1) do not apply to contracts made before the day on which the Regulations come into force.
A regulatory impact assessment of the effect of this instrument on the costs of business is available from the Enterprise Directorate, Department for Business Innovation and Skills, 1 Victoria Street, London SW1H 0ET.