# Late Payment of Commercial Debts (Interest) Act 1998, Section 7: Purpose of Part II.


(1) This Part deals with the extent to which the parties to a contract to which this Act applies may by reference to contract terms oust or vary the right to statutory interest that would otherwise apply when a qualifying debt created by the contract (in this Part referred to as “the debt”) is not paid.
(2) This Part applies to contract terms agreed before the debt is created; after that time the parties are free to agree terms dealing with the debt.
(3) This Part has effect without prejudice to any other ground which may affect the validity of a contract term.

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Source: https://www.legislation.gov.uk/ukpga/1998/20/section/7 (the official version)
Page: https://openlegislation.uk/late-payment-of-commercial-debts-interest-act-1998/section-7
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.