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Late Payment of Commercial Debts (Interest) Act 1998: Key legislation governing statutory interest on late payments in commercial transactions. Sets out default interest rates and compensation terms for late payments.

Limitation Act 1980: Establishes time limits for bringing claims, generally 6 years for simple contracts and debts. Critical for determining and stating when payments become due and when claims become time-barred.

Contracts (Rights of Third Parties) Act 1999: Governs how third parties may be affected by or enforce contractual terms. Important when considering whether to explicitly exclude third party rights in payment agreements.

Consumer Credit Act 1974: Regulates credit agreements and provides consumer protection measures. Applicable if the payment agreement involves consumer credit arrangements.

Common Law Principles: Fundamental legal principles including consideration, intention to create legal relations, capacity to contract, and offer and acceptance requirements.

Law of Property (Miscellaneous Provisions) Act 1989: Specifies requirements for contracts relating to land or property, particularly regarding written documentation requirements.

Unfair Contract Terms Act 1977: Ensures contract terms are fair and reasonable, particularly important when dealing with consumers. Regulates what terms can be included in contracts and their enforceability.