| Guvnor

Enforced by: SBC
Status: In Force
Penalty ceiling: Regulated

Does it bind you?

Business-side roles with duties under this instrument.

Any Person1 Trader1

Plus 1 duty on the regulator, Crown ministers and public bodies — folded into the section list below.

Other Acts binding the same actors

If a role above is yours, these are the other instruments that most often bind it.

Any Person — also bound by 2684 other Acts

Human Medicines Regulations 2012 184 duties

Merchant Shipping Act 1995 144 duties

Insolvency (England and Wales) Rules 2016 104 duties

Communications Act 2003 92 duties

Road Traffic Act 1988 92 duties

Trader — also bound by 864 other Acts

Value Added Tax Regulations 1995 416 duties

Companies Act 2006 244 duties

The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 133 duties

Companies Act 1985 85 duties

Insolvency (England and Wales) Rules 2016 62 duties

What it requires

Sections creating concrete business duties or carrying penalties, grouped as the instrument is structured. Titles link to the source text — blue means you’re leaving for legislation.gov.uk.

Part 1

Statutory Interest on Qualifying Debts

2 of 8 sections shown

s.005 Compensation arising out of late payment Regulated

Pay fixed compensation and recovery costs for late commercial paymentsAny Person
Pay fixed compensation for late commercial paymentsTrader

s.006 Rate of statutory interest. Regulated

Other duties (1) — Crown / regulator

Secretary of State must set the interest rate for late commercial paymentsCrown / Minister / Government department

6 other sections in this Part — procedural and definitional

s.001 Statutory interest.

s.002 Contracts to which Act applies.

s.002 Application of the Act to Advocates

s.003 Qualifying debts.

s.004 Period for which statutory interest runs.

s.005 Remission of statutory interest.

Part 2

Contract terms relating to late payment of qualifying debts

0 of 4 sections shown

4 other sections in this Part — procedural and definitional

s.007 Purpose of Part II.

s.008 Circumstances where statutory interest may be ousted or varied.

s.009 Meaning of “substantial remedy”.

s.010 Interpretation of Part II.

Part 3

General and Supplementary

0 of 7 sections shown

7 other sections in this Part — procedural and definitional

s.011 Treatment of advance payments of the contract price.

s.012 Conflict of laws.

s.013 Assignments, etc.

s.014 Contract terms relating to the date for payment of the contract price.

s.015 Orders and regulations.

s.016 Interpretation.

s.017 Short title, commencement and extent.

Help complying

Guvnor’s practical routes through this instrument.

Claim interest and costs when a customer pays late

When another business pays you late, you can claim statutory interest on the overdue amount and a fixed sum for each debt, …

1 more guide that reference this instrument

Take a customer to the small claims court for an unpaid invoice

Duty extraction and severity labels are Guvnor’s analysis of the instrument, not the instrument itself. Always verify against the linked source text.