348. Interest.

Generally the contractor will not be entitled to interest on any sums due to him unless there is an express or implied term in the contract to this effect1. The Late Payment of Commercial Debts (Interest) Act 1998 provides that it is an implied term of any contract to which that Act applies2 that any 'qualifying debt created by the contract'3 carries simple interest at a rate prescribed by Order4. The Late Payment of Commercial Debts (Interest) Act 1998 applies to contracts for the supply of goods or services where the purchaser and the supplier are each acting in