30 days

Hi Nick,

Cleared funds must be received prior to the thirty day mark.

If you issue payment on the 30th day and it arrived the day after, you are technically late.

Hope that helps!

That makes no sense, otherwise what is to stop, for example, a supplier holding and not presenting a cheque until after 30 days in order to claim the reimbursement?

Surely the supplier must make a payment within 30days.... after that point any delays arent really within their control.

Nick

Hi Nick,

Interesting point on the cheque question. We suppose that is theoretically possible but it isn't something we have ever seen in practice. Although cheque payments are increasingly redundant these days and wont be supported for much longer.

However we think the theory is sound, if 30 day terms are agreed it is the customers responsibility to ensure payment is received within that time.

If the customers bank takes 24 hours to make a payment and this delay causes a payment to be late, that would be a matter for the customer and their bank.

The supplier would not be at fault and would have a legitimate claim under the legislation.