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Paragraph 13 Interpretation

Original text. Later amendments are not shown.

In this Schedule—

  • “average” means the arithmetic mean;

  • “payment period” means the period in which a company is contractually required to pay a sum;

  • “relevant day” means the day on which a company receives an invoice or otherwise has notice of an amount for payment;

  • “standard payment terms” means, in relation to a qualifying contract—

    1. (a)

      the standard terms relating to payment that the qualifying company uses for that type of qualifying contract, or

    2. (b)

      where the qualifying company does not use standard terms, the qualifying company’s most frequently used payment terms for that type of qualifying contract.