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Regulation 45 General

Original text. Later amendments are not shown.

(1)

In this Chapter—

  • “draw down” has the same meaning as it has in Part 7;

  • “in default” means a failure to pay in full an invoiced amount by the payment due date;

  • “invoiced amount” means the total amount payable by a payer as stated in the invoice issued to that payer under regulation 41, 43 or 44;

  • “payer” means a person to whom an invoice is issued under regulation 41, 43 or 44;

  • “payment due date” means the day specified in an invoice in accordance with regulation 38(2) as the date by which it is to be paid.

(2)

Where this Chapter requires a payer to make a payment by no later than a stated day, the payment must be made by no later than 5.00 p.m. on that day.

(3)

A payment made after 5.00 p.m. is to be treated as having been made on the following day.