PART 6Payments
CHAPTER 4Payment and non-payment
General45.
(1)
In this Chapter—
“draw down” has the same meaning as it has in Part 7;
“in default” means a failure to pay in full an invoiced amount by the payment due date;
“invoiced amount” means the total amount payable by a payer as stated in the invoice issued to that payer under regulation 41, 43 or 44;
“payer” means a person to whom an invoice is issued under regulation 41, 43 or 44;
“payment due date” means the day specified in an invoice in accordance with regulation 38(2) as the date by which it is to be paid.
(2)
Where this Chapter requires a payer to make a payment by no later than a stated day, the payment must be made by no later than 5.00 p.m. on that day.
(3)
A payment made after 5.00 p.m. is to be treated as having been made on the following day.