# The Reporting on Payment Practices and Performance Regulations 2017, Paragraph 13: Interpretation

Extent: E+W+S+N.I.

In this Schedule—
“average” means the arithmetic mean;
“finance provider” means a body corporate that—
(a)lends money or provides credit in the course of a business,
(b)arranges or facilitates the provision of debt or equity finance in the course of a business, or
(c)provides, arranges or facilitates invoice discounting or factoring in the course of a business;
“invoiced sum” means a sum payable under an invoice;
“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—
(a)the standard terms relating to payment that the qualifying company uses for that type of qualifying contract, or
(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.

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Source: https://www.legislation.gov.uk/uksi/2017/395/schedule/paragraph/13 (the official version)
Page: https://openlegislation.uk/reporting-on-payment-practices-and-performance-regulations-2017/schedule/paragraph-13
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.