This Checklist outlines key provisions and issues for consideration when drafting and negotiating a payment clause in a business to business contract, including provisions on late payment. The Commercial Payments Bill was introduced to Parliament in May 2026 and is likely to have a significant impact on contractual payment provisions, interest on late payments, invoice dispute mechanisms, increased reporting on payment practices and increased powers of the Small Business Commissioner. For more information, see below and News Analysis: Commercial Payments Bill: practical implications for commercial lawyers and Practice Note: Commercial—horizon scanner. For a Precedent payment clause, see Precedent: Payment clause—commercial contracts. For information on late payment, see Practice Notes: Penalty interest rates in commercial contracts and Late Payment of Commercial Debts (Interest) Act 1998, including, in particular, sections: • Contracts, organisations and debts subject to LPCD(I)A 1998 • Calculating the statutory interest • Express terms for late payment in place of statutory interest • Meaning of 'grossly unfair' Price and payment provisions in a contract are often interlinked. When using this checklist, also