Contracts in relation to which the Late Payment of Commercial Debts (Interest) Act 1998 comes into force on 1st November 19983.
(1)
The Late Payment of Commercial Debts (Interest) Act 1998 shall come into force on 1st November 1998 in relation to contracts for the supply of goods or services made on or after that date of either of the following descriptions, that is to say–
(a)
contracts made between a small business supplier and a purchaser who is a United Kingdom public authority; or
(b)
contracts made between a small business supplier and a large business purchaser.
(2)
The question whether a contract falls within either of those descriptions is to be determined by reference to the circumstances when the contract is made and, accordingly, is not affected by any subsequent change in those circumstances.