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GN20-02: Late payment of commercial debts (INTEREST) Act 1998
Phase one of this Act is due to be implemented on 18 November. The Act is to be implemented in three phases, widening its impact with the introduction of each new phase. This first phase November 1998 to October 2000 will enable small businesses to claim interest from large businesses and the public sector on debts incurred under contracts agreed after the implementation date. The second phase November 2000 to October 2002 will allow small businesses to claim from other small businesses on debts incurred under contracts agreed from November 2000. From November 2002 all businesses and the public sector will be able to claim interest from all businesses and the public sector on debts incurred under contracts agreed after that date.
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