View Author April 2013
On 16 March 2013, new late payment legislation came into force in the UK. The changes to the existing late payment regime are generally minor. One significant change of interest to businesses is the new requirement that purchasers pay their suppliers within 60 days. This note explains the background to the new legislation and summarises the changes it introduces, with a particular focus on the new 60 day payment term in business to business contracts.