Start Date

Hello Robert

I have copied this information below from the users guide section. Hopefully this will answer your question.

Best regards

David


When is a payment late?

Where there is an agreed credit period, and the supplier has agreed, either in writing or orally, a credit period with the purchaser, the payment is late if it is made after the last day of the credit period.

If no credit period has been agreed, then the Act sets a default period of 30 days after which interest can run. This default period does not constitute a statutory credit period. Where no credit period is agreed in a contract, the principal debt will still become due from the moment the goods are delivered or the service performed.

The 30-day default period starts running from the later of the actions:

1. the delivery of the goods or the performance of the service by the supplier;

or

2. the day on which the purchaser has notice of the amount of the debt. A payment is late once the agreed credit period or the default period has expired.