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This Checklist outlines key provisions and issues for consideration when drafting and negotiating a payment clause in a business to business contract including provisions on late payment.

For a Precedent payment clause, see Precedent: Payment clause—commercial contracts.

For information on late payment, see Practice Notes: Penalty interest rates in commercial contracts and Late Payment of Commercial Debts (Interest) Act 1998, including, in particular:

1. •

   Late Payment of Commercial Debts (Interest) Act 1998—Contracts, organisations and debts subject to LPCD(I)A 1998

1. •

   Late Payment of Commercial Debts (Interest) Act 1998—Calculating the statutory interest

1. •

   Late Payment of Commercial Debts (Interest) Act 1998—Express terms for late payment in place of statutory interest

1. •

   Late Payment of Commercial Debts (Interest) Act 1998—Meaning of 'grossly unfair'

Price and payment provisions in a contract are often interlinked. When using this checklist, also consider using: Drafting and negotiating a price clause—checklist.