Member

On the question asked by the noble Lord, Lord Sharpe, about why the Government are not defining in the Bill when a payment is considered made, the Bill is clear on the payment terms that commercial contracts can contain and the consequences for not making a payment within those terms. So, where a payment has not been received by a supplier under the terms of a contract, that payment will be a late payment and interest will accrue. With those assurances, I hope that the noble Lord will feel able to withdraw Amendment 1 and that noble Lords will support the amendments in my name.