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Bank holiday (Commercial) meaning

What does Bank holiday (Commercial) mean?
A bank holiday is a non-business day when banks and clearing systems are closed, so payments are not processed and contractual Business Day timetables (completion, interest accrual and notices) shift. In the UK, the term is defined by statute in the Banking and Financial Dealings Act 1971, which specifies bank holidays for England and Wales, Scotland and Northern Ireland and permits additional or substitute days to be appointed by proclamation. Scotland has a distinct list (including 2 January and St Andrew’s Day under the St Andrew’s Day Bank Holiday (Scotland) Act 2007). Northern Ireland has additional bank holidays (including St Patrick’s Day and 12 July). In Ireland, bank holiday is a descriptive expression used in banking and commercial documents for days when banks close; the statutory term for employment and many procedural rules is public holiday under the Organisation of Working Time Act 1997 (as amended). Some bank holidays (for example, Good Friday) are not public holidays. Practical significance: define Business Day by reference to relevant financial centres (for example, London and/or Dublin) and check for announced extra or substitute bank holidays when calculating payment dates, notice periods, interest and longstop/completion dates.
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View the related News about Bank holiday (Commercial)

NEWS
Commercial law weekly: ASA and CMA updates, key contract and sale of goods cases, EU e-commerce controls, HMRC customs update, plus new precedents, trackers and webinars (3 July 2025)

In this issue: Advertising, marketing and sponsorship Consumer protection Contracts E-commerce International Sale and supply of goods LexTalk®Commercial: a Lexis®Nexis community Daily and weekly news alerts New and updated content Dates for your diary Trackers Latest Q&As Advertising, marketing and sponsorship ASA rulings—2 July 2025 The Advertising Standards Authority (ASA) received one complaint about a radio advert for Cadbury Delights stating ‘only 91 calories’. The ASA upheld the complaint, deciding the wording fell foul of the rules on nutrition and comparative nutrition claims. See: LNB News 02/07/2025 36. ASA rulings—2 July 2025 Two complaints were made to the ASA about Wowcher Ltd: one over a misleading savings claim for a hair product, and another over the unfair running of a ‘Mystery Holiday’ promotion. The ASA upheld both. See: LNB News 02/07/2025 53. DCMS research finds online prize draws need stronger consumer safeguards The Department for Culture, Media...

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View the related Practice Notes about Bank holiday (Commercial)

PRACTICE NOTES
Key 2021 appellate decisions and appeals tracker for civil dispute resolution (England and Wales)

ARCHIVED : A persistent challenge for dispute resolution specialists is staying abreast of developments in case law that influence their practice area, or affect civil litigation procedure more generally. This Practice Note distils the principal appeal decisions in England and Wales (ie rulings of the Court of Appeal and Supreme Court and, where appropriate, selected judgments of the Court of Justice of the European Union (Court of Justice)) that we have covered, giving users straightforward access to those rulings; see: Key civil litigation appeals in review—2021. You can navigate this material via the table of contents on the left-hand side, or search the tracker using [CTRL]+[F]. The Practice Note also highlights a number of forthcoming appeals, where identified, to support horizon scanning. It is not designed to be a comprehensive catalogue of every appeal and/or significant ruling of interest to dispute resolution practitioners. Note: regarding anonymity of natural parties where a request for a preliminary ruling is made to the Court of Justice, guidance from the Court of Justice...

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PRACTICE NOTES
Poland 2025: Comprehensive business law, taxation and regulatory guide for foreign investors: incorporation, employment, real estate, contracts, IP/data, competition and merger control, FDI screening, and tax compliance

Updated March 2025 Introduction The European Commission anticipates that Poland’s GDP growth in 2025 will continue to trail the EU average for a third year in a row. In a volatile setting, provisional data from the Central Statistical Office show GDP in 2024 rose by a modest 2.5% versus 2023, easing from 4.9% in 2022. This tempo points to a measured rebound from earlier strains, chiefly elevated inflation and higher interest rates. Although the final quarter of 2024 recorded some improvement, with year-on-year growth of 3%, it still fell short of expectations. Weaker consumer outlays, held back by flat real wages and pricier credit, have weighed on activity, while geopolitical developments are also exerting pressure. Nevertheless, infrastructure spending and a recovery in exports have offered partial support. Economists expect growth to settle in 2025, though ongoing geopolitical tensions and wider global uncertainties remain key risks. The business environment Poland’s legislative set-up is shared between the government and two parliamentary chambers, the Sejm and the Senate. The...

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PRECEDENTS
Precedent: Scots law long-form boilerplate for commercial agreements (definitions, dispute resolution, notices, force majeure, third-party rights, counterparts, governing law and jurisdiction)

1 Definitions and interpretation 1.1 Within this Agreement: Affiliate – refers to any entity that, whether directly or indirectly, Controls, is Controlled by, or is under shared Control with, another entity; Business Day – means any day other than a Saturday, Sunday, or a bank or public holiday in Scotland; Control – signifies [ the beneficial ownership of more than 50% of a company’s issued share capital, or the lawful power to direct, or to cause the direction of, the company’s management OR has the meaning assigned in the Corporation Tax Act 2010, s 1124 ], and Controls and Controlled shall be construed accordingly; Dispute Notice – has the meaning set out in clause 2.2; Force Majeure – has the meaning set out in clause 6.1...

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PRECEDENTS
Precedent payment clause for commercial contracts: invoicing (advance/arrears), payment timing, currency (GBP), VAT/withholding, late‑payment interest, invoice disputes and set‑off options

1 Payment Business Day Payment Business Day — denotes a day in England [ other than a Saturday, Sunday or public holiday ]; Charges — refers to the sums payable by Party B under this Agreement [ set out in OR calculated in accordance with the provisions of ] [ insert reference to where charges are specified, eg the order form, charges schedule or relevant clause ]; Commencement Date — signifies [ the date of this Agreement OR [ insert date ] ]; Month — signifies a calendar month, and ‘Monthly’ shall be construed accordingly; Quarter — denotes [ a period of three consecutive calendar months, ending on 31 March, 30 June, 30 September or 31 December save that the first quarter shall be calculated from the Commencement Date and the last quarter shall end on the last day of this Agreement OR consecutive periods of three calendar months commencing on the Commencement Date and the last quarter shall end on the last...

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PRECEDENTS
Precedent: Long-Form Boilerplate Clauses for Commercial Contracts Governed by the Law of England and Wales

1 Definitions and interpretation 1.1 In this Agreement: Affiliate — refers to any entity that, whether directly or indirectly, exercises Control over, is subject to Control by, or shares common Control with another entity; Business Day — denotes any day that is not a Saturday, Sunday, or a bank or public holiday in England; Control — [ has the meaning given in section 1124 of the Corporation Tax Act 2010 OR signifies the beneficial ownership of over 50% of a company’s issued share capital, or the lawful authority to direct or cause the direction of the company’s management ] and Controls and Controlled shall be construed accordingly; Dispute Notice — bears the meaning set out in clause 2.2; Force Majeure — bears the meaning set out in clause 6.1; [ Insert definitions bespoke to Agreement ] 1.2 In this Agreement: a reference to this Agreement comprises its schedules, [ appendices and annexes ] (if any);...

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