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Late Payment of Government Debts (Interest) Bill 2007

2004-2005-2006-2007



The Parliament of the

Commonwealth of Australia



THE HOUSE OF REPRESENTATIVES









Presented and read a first time









 









Late Payment of Government Debts (Interest) Bill 2007



No. , 2007



(Mr Emerson)







A Bill for an Act to provide for interest to be levied on the late payment by government of commercial debts arising in relation to contracts with small businesses for the supply of goods and services, and for related purposes





Contents

Part 1—Preliminary.................................................................................. 1

1 Short title........................................................................................................ 1

2 Commencement.............................................................................................. 1

3 Objects............................................................................................................ 1

4 Definitions...................................................................................................... 1

5 Act binds the Crown...................................................................................... 3

Part 2—Statutory interest on qualifying debts.............................................. 3

6 Statutory interest payable for late payment of qualifying debt..................... 3

7 Implied term in qualifying contract................................................................ 4

8 Period for which statutory interest applies.................................................... 4

Part 3—Contract terms relating to late payment of qualifying debts.............. 4

9 Contractual remedies for late payment of debts............................................. 4

10 Substantial remedy....................................................................................... 5

Part 4—Miscellaneous.............................................................................. 6

11 Advance payments....................................................................................... 6

12 Change in identity of the parties.................................................................. 6

13 Regulations................................................................................................... 6



 

 

A Bill for an Act to provide for interest to be levied on the late payment by government of commercial debts arising in relation to contracts with small businesses for the supply of goods and services, and for related purposes

 

The Parliament of Australia enacts: