Late Payment of Commercial Debts (Interest) Act 1998: Primary legislation governing statutory interest rates and compensation for late payments in commercial transactions. Sets out payment terms and obligations between businesses.
Consumer Credit Act 1974: Although primarily focused on consumer credit, this legislation may be relevant if there's any possibility of consumer involvement in the trade credit arrangement.
Sale of Goods Act 1979: Establishes fundamental principles of commercial sales, including rights and obligations in commercial transactions. Essential for trade credit agreements involving goods.
Supply of Goods and Services Act 1982: Covers quality standards, implied terms, and service provision aspects in commercial contracts. Relevant for trade credit agreements involving services.
Financial Services and Markets Act 2000: Provides the general regulatory framework for financial services in the UK, which may impact trade credit arrangements.
FCA Regulations: Financial Conduct Authority regulations that may apply if the trade credit agreement falls within regulated activities.
EU Retained Law: Post-Brexit retained EU regulations affecting commercial transactions, particularly relevant for cross-border trade credit arrangements.
GDPR and Data Protection Act 2018: Data protection and privacy requirements that must be considered when handling personal or business information in trade credit agreements.
Unfair Contract Terms Act 1977: Governs restrictions on exclusion clauses and ensures fairness requirements in commercial contracts, including trade credit agreements.
