Prompt Payment of Accounts Act, 1997
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Restrictions on power to extend payment periods. |
11.—(1) Where the Minister is of the opinion that the practices of a purchaser specified in the Schedule in contracting for payments for the supply of goods or services have the effect of allowing the purchaser credit terms that are unreasonable in the circumstances, the Minister may, after— | |
(a) advising the purchaser of, and the grounds for coming to, that opinion, | ||
(b) giving the purchaser an opportunity to make representations to the Minister, and | ||
(c) consulting with the Minister for Finance, | ||
by order, direct that the purchaser shall not be capable of agreeing a time of payment for the supply of goods or services that is later than the 45 days referred to in paragraph (b) of the definition of “prescribed payment date” in section 1 (1) or such earlier date as is from time to time fixed under section 10 . | ||
(2) An order under subsection (1) may be expressed to apply generally or in relation to a particular supplier or goods or services and may be subject to such conditions, if any, as the Minister thinks fit. | ||
(3) The Minister may by order, amend or revoke an order made under this section. | ||
(4) While an order made under this section remains in force, any contract entered into by the purchaser to whom it relates shall be construed accordingly. |