Late Payment of Commercial Debts (Interest) Act 1998: Primary legislation governing statutory interest on late payments and payment terms between businesses in commercial transactions
Consumer Rights Act 2015: Key legislation ensuring fairness in payment terms and protecting consumer rights when the arrangement involves individual consumers
Contracts (Rights of Third Parties) Act 1999: Legislation governing how third parties may be affected by or enforce rights under the payment arrangement
Law of Contract Principles: Common law principles covering intention to create legal relations, consideration, offer and acceptance, and capacity to contract
Financial Services and Markets Act 2000: Regulatory framework for financial activities, relevant if the payment arrangement involves regulated financial services
Consumer Credit Act 1974: Legislation governing consumer credit arrangements and protecting borrowers in credit transactions
Money Laundering Regulations 2017: Regulatory requirements for ensuring compliance with anti-money laundering measures in payment arrangements
Prompt Payment Code: Voluntary code of practice setting standards for payment practices and behavior in business transactions
FCA Guidelines: Regulatory guidelines from the Financial Conduct Authority relevant to payment arrangements within regulated sectors
