Interest is normally payable from the end of the agreed credit period.
If no credit period was agreed, interest is payable 30 days from the later of:
• the date of supply, or
• the date the buyer was told the amount due
• the conclusion of any procedure for checking that
• the goods conform to the contract (and the procedure itself cannot take more than 30 days)
If you supply a public authority, interest will be payable after 30 days, even if a longer payment date was agreed. You cannot agree to extend the 30 day period.
If you supply another business, interest will normally be payable after 60 days even if a longer payment date was agreed. However, a credit period of more than 60 days can be agreed if it is not grossly unfair to the supplier.