General legal information about contract terms in the UK, not legal advice.
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Payment terms

Payment terms state how much is paid, when and how — for example within 30 days of a valid invoice. Between businesses, statutory interest on late payment applies unless the contract provides a substantial alternative.

Prepared by a retired English qualified solicitor (LLB, LLM) · reviewed · applies across the UK unless stated · how we draft

In more detail

The Late Payment of Commercial Debts (Interest) Act 1998 applies across the UK.

Put it into a contract

Be Contract Wise provides very powerful, carefully prepared tools to draft and review simple or complex contracts under the law of England and Wales or Scots law, explaining every clause in plain English.

England & Wales appScotland app

Reviewed 2026-09-24. General legal information, not legal advice.