4 Period for which statutory interest runs
Late Payment of Commercial Debts (Interest) Act 1998 (1998 c 20) | Legislation

4  Period for which statutory interest runs

(1)     Statutory interest runs in relation to a qualifying debt in accordance with this section (unless section 5 applies).

(2)     Statutory interest starts to run on the day after the relevant day for the debt, at the rate prevailing under section 6 at the end of the relevant day.

[(2A)     The relevant day for a debt is—

(a)     where there is an agreed payment day, that day, unless a different day is given by subsection (2D), (2E) or (2G);

(b)     where there is not an agreed payment day, the last day of the relevant 30-day period.

(2B)     An “agreed payment day” is a date agreed between the supplier and the purchaser for payment of the debt (that is, the day on which the debt is to be created by the contract).

(2C)     A date agreed for payment of a debt may be a fixed date or may depend on the happening of an event or the failure of an event to happen.

(2D)     Where—

(a)     the purchaser is a public authority, and

(b)     the last day of the relevant 30-day period falls earlier than the agreed payment day,

the relevant

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