Notes as legal tender meaning

In this issue: Electricity and gas market regulation and licensing Networks and network connections Renewable energy Oil and gas International energy LexTalk®Energy: a Lexis®Nexis community Daily and weekly news alerts New and updated content Dates for your diary Trackers Electricity and gas market regulation and licensing Ofgem issues direction to Elexon as MHHS implementation manager Ofgem directs Elexon, acting as the Market-wide Half-Hourly Settlement (MHHS) implementation manager. The notice covers how progress on MHHS delivery is reported and the oversight and management of MHHS testing cohorts. See: LNB News 28/02/2025 40. Electricity Code Modifications A single view of all live changes to the Connection and Use of System Code (CUSC), the Grid Code (GC), the System Owner -Transmission Owner Code (STC) and the Security and Quality Supply Standard (SQSS) is now available on NESO’s Modification Tracker. It explains the rationale for each change, which parties are impacted, includes relevant Panel remarks...

In this issue: Public procurement Governance Children’s social care Highways Social housing Planning Healthcare Social care Education Licensing Daily and weekly news alerts New and updated content Latest Q&A Public procurement Cabinet Office clarifies Procurement Act 2023 guidance on pipeline notices Each procurement above £2m in a contracting authority’s pipeline will require its own pipeline notice. Under the Procurement Act 2023 (PA 2023), the first of these must appear by 26 May 2025. The Cabinet Office’s updated guidance confirms this as a practical step, ensuring later notices for each procurement can be cross-referenced to the relevant pipeline entry on the central digital platform, Find a Tender. See: LNB News 14/05/2025 18. Cabinet Office seeks feedback on Procurement Act 2023 The Cabinet Office has launched a new stakeholder survey within its Transforming Public Procurement programme to assess awareness and understanding of the Procurement Act 2023 (PA 2023) regime. The...

In this issue: Brexit highlights Brexit SIs Post-Brexit transition guidance Public procurement Equality and human rights Constitutional and administrative law Judicial review Information law Subsidy control and State aid LexTalk®Public Law: a Lexis®Nexis community Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Brexit highlights Court of Appeal rules on judicial review of Bulb Energy transfer (R (British Gas Trading Ltd) v Secretary of State for ESNZ) In R (on the applications of British Gas Trading Ltd and other companies) v The Secretary of State for Energy Security and Net Zero and others [2025] EWCA Civ 209, the Court of Appeal considered a challenge to the Divisional Court’s refusal to grant permission for judicial review of decisions by the Secretary of State relating to the transfer of Bulb Energy Limited’s business to Octopus Energy Group Limited. The Court of Appeal rejected...

STOP PRESS: From 24 February 2025, the core provisions of the Procurement Act 2023 (PA 2023) now apply. Any procurement launched on or after that date must proceed under PA 2023, while procedures started under the earlier instruments—the Public Contracts Regulations 2015 (PCR 2015), the Utilities Contracts Regulations 2016, the Concession Regulations 2016, and the Defence and Security Public Contracts Regulations 2011—must continue to be run and administered in line with those rules. See Practice Note: Introduction to the Procurement Act 2023—PA 2023. PCR 2015 as assimilated law PCR 2015 are EU-derived domestic legislation and therefore constitute assimilated law under sections 2 and 6 of the European Union (Withdrawal) Act 2018. For practical guidance on the standing and interpretation of assimilated law, see Practice Note: Assimilated law. Public procurement reform The UK public procurement framework stems from EU public procurement law, and was consequently affected by the UK’s exit from the EU, albeit only to a limited degree. In substance, the UK regime continues largely...

What does this Practice Note cover? This Practice Note sets out an overview of liability management techniques for bonds—covering bond buybacks, tender offers, exchange offers and consent solicitation—placing particular emphasis on the process, the documentation to be prepared, and the principal legal and regulatory considerations that arise in delivering such transactions. The Note is directed mainly at investment‑grade bonds issued in the UK and European markets. For further information on liability management exercises, including liability management transactions involving loans/credit agreements, see Practice Note: FAQs on Liability Management Exercises. What is liability management in relation to bonds? Liability management describes a range of techniques used by issuers to actively manage or restructure their outstanding bond liabilities. Typical liability management transactions comprise: bond buyback tender offer exchange offer consent solicitation A liability management transaction can also be structured as a combination of these techniques...

Introduction This Practice Note forms part of our LLB Contract Law series, carefully tailored with law students in mind. It examines the doctrine governing the discharge of obligations, with particular attention to discharge by performance and by breach, setting these within the wider context of contractual termination. It considers the thresholds for valid performance, such as strict compliance, substantial performance, entire versus divisible obligations, and the importance of time clauses where relevant. It then assesses breach of contract in its forms (actual and anticipatory) and identifies when breach is grave enough to justify termination by the innocent party, with close treatment of conditions, warranties, and innominate terms. The Practice Note also tackles the doctrine of election, the perils of wrongful termination, and the effects of acceptance in sale of goods contracts. Throughout, it weaves in leading authorities and statutory rules to show how the law mediates certainty with fairness. By blending doctrinal exposition with judicial reasoning and critical perspective, the Practice Note aims to equip students with the analytical...