Title Late Payment of Government Debts (Interest) Bill 2007
Database Bills & Legislation
Long Title 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
Date 18-06-2007
Source House of Reps
Parl No. 41
Bill Number 07120
Bill Type Private
Reps Bill Code O
Status Not Proceeding
System Id legislation/bills/r2817_act/0005


Late Payment of Government Debts (Interest) Bill 2007

Part 4—Miscellaneous

11 Advance payments

(1) A qualifying debt created by virtue of an obligation to make an advance payment is treated for the purposes of this Act as if it was created on the day specified in subsection (2), (3) or (4).

(2) Where the advance payment is the whole contract price, the debt is treated as if it was created on the day on which the supplier’s obligation is performed.

(3) Where the advance payment is part of the contract price, but the sum is not due in respect of any part performance of the supplier’s obligation, the debt is treated as if it was created on the day on which the supplier’s obligation is performed.

(4) Where the advance payment is a part of the contract price due in respect of any part performance of the supplier’s obligation, but is payable before that part performance is completed, the debt is treated as if it was created on the day on which the relevant part performance is completed.

(5) For the purposes of this section an obligation to pay the whole outstanding balance of the contract price is to be regarded as an obligation to pay the whole contract price and not as an obligation to pay a part of the contract price.

12 Change in identity of the parties

The operation of this Act in relation to qualifying debts is not affected by:

(a) any change in the identity of the parties to the contract creating the debt; or

(b) the passing of the right to be paid the debt or the duty to pay it (in whole or in part) to a person other than the person who was the original creditor or the original debtor when the debt was created.

13 Regulations

The Governor-General may make regulations prescribing matters:

(a) required or permitted by this Act to be prescribed; or

(b) necessary and convenient to be prescribed for carrying out or giving effect to this Act.

 

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