1 The Consultant shall submit an account (the ‘Account’) for sums due in respect of an instalment at the end of the calendar month in which such instalment and/or any Additional Fees

1 Payment Business Day • means a day[ other than a Saturday, Sunday or public holiday] in England; Charges • means the charges payable by Party B under this Agreement [set out in OR calculated in accordance with the provisions of] [insert reference to where charges are specified, eg the order form, charges schedule or relevant clause]; Commencement Date • means [the date of this Agreement OR [insert date]]; Month • means a calendar month and ‘Monthly’ shall be interpreted accordingly; Quarter • means [a period of three consecutive calendar months, ending on 31 March, 30 June, 30 September or 31 December save that the first quarter shall be calculated from the Commencement Date and the last quarter shall end on the last day of this Agreement OR consecutive periods of three calendar months commencing on the Commencement Date and the last quarter shall end on the last day of this Agreement] [ (and payment pro-rated accordingly)] and ‘Quarterly’ shall be interpreted accordingly; VAT • means United Kingdom value added tax[, OR and] any other tax imposed in substitution for it[ and any equivalent or similar tax imposed outside the United Kingdom]; and Year • means any

The Financial Conduct Authority (FCA) has published consultation paper CP24/7, Payment Optionality for Investment, which aims to give asset managers greater freedom in how they pay for investment research. The FCA says the greater choice should suit firms of varying business models and sizes, helping to promote competition. It will allow the ‘bundling’ of payments for third-party research and trade execution, and would exist alongside already available options, such as payment from an asset manager's own resources or from a dedicated account. Responses are sought by 5 June 2024.

An investment term, payment-in-kind notes are a junior form of debt with equity-like characteristics since borrowers do not need to pay back interest charges until the term of the loan has expired.

This flowchart illustrates a generic, payer-led payment process under a construction contract between an employer and contractor. The process is compliant with

Consultant appointments and the HGCRA 1996 ‘Construction contracts’ as defined in the Housing Grants, Construction and Regeneration Act 1996 (HGCRA 1996) are subject to the provisions of Part II of the HGCRA 1996 (subject to some exceptions). See Practice Note: Introduction to the HGCRA 1996. HGCRA 1996, s 104(1) provides that construction contracts include agreements for: • the carrying out of construction operations • arranging for the carrying out of construction operations by others, whether under sub-contract or otherwise • providing labour, or the labour of others, for the carrying out of construction operations HGCRA 1996, s 104(2) clarifies that this includes agreements to carry out architectural, design, or surveying work, to provide advice on building, engineering, interior or exterior decoration or on the laying-out of landscape in relation to construction operations. Consultant appointments can therefore be caught by the definition of a ‘construction contract’ where the appointment relates to ‘construction operations’ as defined in the HGCRA 1996. Under section 105, ‘construction operations’ is widely defined and includes works that you would expect in construction and

Payment in full describes the complete discharge of a monetary obligation so that no further sums are owed under a contract, judgment, invoice, loan, tax assessment or other debt. In legal practice across England and Wales, Scotland, Northern Ireland and Ireland, it signifies that the debtor has satisfied the whole amount due, including (where applicable) interest, costs and contractual or statutory charges.The expression is primarily descriptive, used in contracts, settlement agreements, receipts, letters before action and court documents, rather than being defined in a single statute. Its legal effect is determined by general principles of contract, debt and, where relevant, accord and satisfaction or compromise of proceedings.Key issues for practitioners include: whether the sum tendered genuinely represents all sums due; whether “payment in full and final settlement” has been clearly agreed; interaction with part‑payment rules (e.g. Foakes v Beer–type principles in UK jurisdictions); and evidential questions, such as receipts or remittance advice marked “paid in full”.Usage is broadly consistent across the UK and Ireland, though terminology may interact with different procedural rules on enforcement, prescription/limitation and formal discharge of decrees or judgments.

This Practice Note explains the rationale for having a payment in lieu of notice (PILON) clause, and how a PILON affects an employee’s notice period and termination date. It distinguishes between contractual and non-contractual PILONs and discusses PILONs in the context of immediate termination, breach of contract, wrongful dismissal and post-termination restrictions. The commentary on contractual PILONs also looks at PILONs in the context of mitigation, notification requirements and gross misconduct. It includes drafting tips to increase employer flexibility both in the course of combining a PILON with other types of termination arrangement, such as garden leave, and the timing, calculation and payment of PILONs. It outlines the tax treatment of PILONs and issues to consider in relation to PILONs to directors, such as the requirements of the UK Corporate Governance Code. The right to notice means a right for the employee to remain in employment for the period of notice, not simply to be paid for it. An employer will therefore often include in the contract an express right to make a PILON as an alternative

‘payment instrument’ is a device used for making payment transactions, such as a credit or debit card, an e-banking or telephone banking arrangement. According to Chapter 15 of the FCA’s Perimeter Guidance Manual (PERG), a payment instrument could also include online instruction or a mobile app by which a payment order can be initiated

Payment into court describes the deposit of money with the court to satisfy, secure or preserve a sum in dispute, with the funds held by the relevant Court Funds Office/Accountant of Court until payment out is authorised. It is a procedural device used across civil litigation (and some family/probate contexts), rather than a single statutory definition, and its operation is set by court rules and practice.England and Wales: governed principally by CPR Part 37 and the Court Funds Rules 2011. Typical uses include compliance with a court order, security for costs, staying enforcement pending appeal, stakeholder/interpleader situations, and approval settlements for children or protected parties (CPR 21). Unlike historic practice, Part 36 settlement offers no longer require payment into court.Scotland: broadly referred to as consignation, administered by the Accountant of Court. A minute of tender (the Scottish settlement analogue) does not usually require consignation, but the court may order it; sums for children or by order are held and invested by the Accountant of Court.Northern Ireland: “lodgement” is a formal settlement mechanism under Order 22 RSC (NI), with sums held by the Court Funds Office; similar uses arise for security and stakeholder payments.Ireland: “lodgment” under Order 22 RSC is a key settlement and costs tool; courts also require payment into court for security or to hold disputed funds.Payment out generally requires court order or consent; interest and costs follow the relevant rules.

Payment notice Reference: [insert appropriate reference to the contract and project] Date: [insert date] To: [insert recipient’s name] Payment due date: [insert the relevant due date of the payment, determined