For further information see Practice Note: Reporting

Payment process in the NEC3 Engineering and Construction Contract

1 The Fee shall be paid by instalments as provided in

A document setting out the contributions required to be paid by the sponsoring employer of a defined contribution scheme. It also provides for the due dates of these contributions.

Payment service includes credit card payments; payments into, and withdrawals from, ATM machines or over the counter; direct debits, including one-off direct debits; transferring e-money; payment transactions executed through a payment card or a similar device; credit transfers, including standing orders, BACS and CHAPS payments; and money remittance. It does not include cash-back services; cash payments directly between a payer and a payee without an intermediary; payment transactions through commercial agents; bureaux de change services; and certain services provided by technical service providers.

‘payment service provider’ is anyone who provides payment services as a regular occupation or business activity in the UK

This Practice Note considers the ability of a trader to charge a fee for the use of certain payment methods, such as a debit or credit card (also referred to as a ‘payment surcharge’). This Practice Note considers the requirements of the Consumer Rights (Payment Surcharges) Regulations 2012, SI 2012/3110 (CR(PS)R 2012) as amended by the Payment Services Regulations 2017, SI 2017/752 (PSRs 2017). It sets out the background to the legislation, describes surcharging, explains the restrictions on surcharging and applicable exclusions, and considers enforcement and remedies. Background The CR(PS)R 2012 came into force on 6 April 2013 to implement Article 19 of Directive 2011/83/EU (OJ L 304/64), the EU Consumer Rights Directive (EU CRD), which prohibited traders from charging consumers a fee for using a particular method of payment that exceeded the cost borne by the trader for the use of that payment method. However, this restriction had limited effect and Directive 2015/2366/EU, the second EU Payment Services Directive (PSD2), was adopted by the EU in 2015 to improve the position. The aim of the PSD2 was to create a

See liquidation preference

The Companies Act 2006 (CA 2006) contains provisions relating to payments made by a company to a director as compensation for loss of office. Shareholder approval is required for such transactions as they are considered to be particularly open to abuse. The relationship between these statutory provisions and the general statutory duties of a director is discussed in Practice Note: Directors' duties—scope, nature, interpretation and application. One of the general duties of a director is the duty to declare to the board if they are in any way, directly or indirectly, interested in a proposed transaction or arrangement with the company of which they are a director and the nature and extent of that interest. In relation to: • the obligation to declare an interest in a transaction or arrangement with the company, see Practice Note: Declaration of a director's interests—the statutory provisions, and • a director’s ability to participate either as a director or a member in decisions regarding such a transaction or arrangement, see Practice Note: Declaration of a director's interests—articles

This Practice Note summarises the provisions of the Companies Act 2006 (CA 2006) in relation to payments made by a company to a director as compensation for loss of office in connection with a share transfer resulting from a takeover bid. Shareholder approval is required for such transactions as they involve directors and are considered to be particularly open to abuse. The relationship between the statutory provisions requiring approval of such a transaction and the general statutory duties of a director is discussed in Practice Note: Directors' duties—scope, nature, interpretation and application. One of the general statutory duties of a director is the duty of a director to declare to the board if they are in any way, directly or indirectly, interested in a proposed transaction or arrangement with the company of which they are a director, and the nature and extent of that interest, to the other directors. In relation to: • the obligation to declare an interest in a transaction or arrangement with the company of which they are a director, see

This Practice Note summarises the provisions of the Companies Act 2006 (CA 2006) in relation to payments made by a company to a director as compensation for loss of office in connection with the transfer of the whole or any part of the undertaking or property of the company. Shareholder approval is required for such transactions as they involve directors and are considered to be particularly open to abuse. The relationship between the statutory provisions requiring approval of such a transaction and the general statutory duties of a director is discussed in Practice Note: Directors' duties—scope, nature, interpretation and application. One of the general duties of a director set out in statute is the duty of a director to declare to the board if they are in any way, directly or indirectly, interested in a proposed transaction or arrangement with the company of which they are a director, and the nature and extent of that interest, to the other directors. In relation to: • the obligation to declare an interest in a

Payments by way of shares/other assets instead of cash.