Late Payment Legislation… Know your rights/Have your say!
|A number of changes to the Late Payment Legislation that could affect you!|
|The Department for Business Innovation & Skills have now launched a consultation on implementing the EU Directive 2011/EU which they say aims to strengthen the current late payment legislation in the UK. The closing date for the consultation is the 19th October 2012.The B.I.S. emphasise the main points:Public authorities will be required to pay suppliers within 30 calendar days of receipt of an undisputed invoiceFor business to business payments, the period for payment fixed in the contract should not exceed 60 days, unless otherwise expressly agreed and provided such terms are not grossly unfair
There is a minimum €40 (approximately £31) for compensation (which is less than the current three tiered compensation)
Suppliers will be able to claim additional costs for recovery such as using a professional debt collecting agency or instructing a lawyer.
There are many proposals not highlighted that may affect you. Take a look at the detail at the links below.