11 Treatment of advance payments of the contract price
Late Payment of Commercial Debts (Interest) Act 1998 (1998 c 20) | Legislation

Part III General and Supplementary

11  Treatment of advance payments of the contract price

(1)     A qualifying debt created by virtue of an obligation to make an advance payment shall be treated for the purposes of this Act as if it was created on the day mentioned in subsection (3), (4) or (5) (as the case may be).

(2)     In this section “advance payment” means a payment falling due before the obligation of the supplier to which the whole contract price relates (“the supplier's obligation”)

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