Late Payment of Commercial Debts (Interest) Act 1999 definition

View the related practice notes about Late Payment of Commercial Debts (Interest) Act 1999

Construction Glossary—L

Construction Glossary—L A B C D E F G H I J K L M N O P Q R S T U V W X Y Z LADs See Liquidated and ascertained damages (LADs or LDs). Late Payment of Commercial Debts (Interest) Act 1999 The Late Payment of Commercial Debts (Interest) Act 1999 creates a statutory entitlement to claim interest on overdue payments. See Practice Notes: Remedies for non-payment under construction contracts and Late Payment of Commercial Debts (Interest) Act 1998. Latent defects Defects inherent in the design or construction of a property which are not apparent on inspection. See Practice Note: Latent defects. Latent defects insurance Insurance which covers damage to a property caused by latent defects which become apparent during the life of the policy. Latent defects insurance normally lasts for 10 or 12 years from practical completion and is taken out on the payment of a single premium. Also known as decennial insurance, although that insurance largely relates to costs associated with the...