Quarter Day meaning

In this issue: Payment Building safety Scots law Consultants on construction projects Guarantees Construction industry news Daily and weekly news alerts New and updated content Construction trackers Payment Late payments—Tackling poor payment practices—government response Tim Wright, Partner in technology, outsourcing and commercial at Fladgate LLP, reviews the government’s reply to the late payment consultation ‘Time to Pay Up’, issued on 24 March 2026, setting out the most far‑reaching measures to deal with overdue payments in more than a quarter of a century. Government figures suggest overdue invoices drain £11bn annually from the UK economy and push 38 firms out of business each day. The reform bundle would grant the Small Business Commissioner (SBC) stronger authority to probe, determine and penalise firms; impose a hard ceiling of 60 days on payment terms; mandate statutory interest at 8% over the Bank of England base rate; fix a legal cut‑off for challenging invoices; and float a prohibition...

Editor’s note Welcome to the third issue of the Public Law case law quarterly for 2025, spanning the third quarter of the year. Marking 25 years to the day since the Human Rights Act 1998 came into effect, we open with close scrutiny of recent human rights case law and closely connected considerations, starting with the Supreme Court’s judgment in Shvidler v Secretary of State for Foreign, Commonwealth and Development Affairs. In that appeal, the Court ultimately rejected claims brought by individuals and companies challenging the UK’s post‑Brexit sanctions framework as a disproportionate interference with their rights. The ruling carries significant consequences for future judicial review of executive measures adopted for foreign policy and security purposes, and is essential reading for practitioners across sanctions, constitutional and human rights law. This edition also covers the Supreme Court’s judgment in Department for Business and Trade v Information Commissioner, which clarifies how public bodies should approach information when falling within multiple qualified exemptions under the Freedom of Information Act 2000 (FIA 2000)....

Editor’s note Welcome to the 2024 Public Law case law quarterly’s third issue, reflecting developments from the year’s third quarter in full. We open with the Supreme Court’s judgment in Lipton, where the Justices, in obiter remarks, expressed differing positions on if the post‑Brexit retained EU law and assimilated frameworks govern claims predating IP‑completion day, or not. Next comes the Court of Justice’s decision in Alchaster, addressing how Member State courts are to approach fundamental rights, more broadly, when considering extradition to the UK. We also feature, in particular, the Court of Appeal’s ruling in Northumbrian Water, confirming there is no public law ‘duty of prescription’ at all concerning the publication of policies, and rejecting any reading of the Supreme Court’s decision in Lumba as having created such an obligation in law...

Which sums are apportioned at completion? When a property is sold, the parties must set out clearly in the contract how income and outgoings are to be treated at the point of completion. The contract ought to address the apportionment of occupational lease yearly rents and, where the property is leasehold, any sums due under the headlease. In this note we proceed on the footing that rents are paid in advance (as is customary) rather than in arrears. If rents are instead paid in arrears, the buyer’s only obligation is to account to the seller once the rent is received on the quarter day immediately after the completion date, and the contract should include a specific clause to record that arrangement. Which sums are not apportioned? The following are not generally included within the apportionment exercise: insurance sums (these are usually dealt with separately—the seller cancels the policy and pays across any refund to the buyer, to be held on trust for the occupational...

Rent Rent is the amount payable by a tenant to the landlord for occupying or using the premises. The rent figure must be capable of being worked out from the lease; it need not be fixed for the whole term, but the starting rent must be identified together with a method—typically a rent review clause—to determine later rents. Rent is usually expressed as exclusive of VAT, payable without deduction and without the need for demand. See Practice Note: Rent and rent review in commercial leases in Scotland. Commercial rent is ordinarily paid in advance by equal instalments on the quarter days, namely: 28 February, May, August and November or, where English parties prefer, 25 December, 25 March, 24 June and 29 September Monthly payment is increasingly common. Where rent is payable quarterly in advance, the entire instalment falls due on the quarter day. This can be significant where a tenant seeks to exercise a break clause with a termination date between...

When is collateral needed in financial derivative transactions? Engaging in financial derivative arrangements carries a range of risks. Foremost is 'credit risk', meaning the chance that a counterparty will fail to pay what it owes on the specified date, or otherwise fail to perform its financial obligations. In the most extreme case, non-performance may result from insolvency. As many derivative contracts stipulate recurring payments on predetermined dates across the life of the deal, credit exposure exists in the periods between those dates on amounts that have accrued but are not yet due for payment. Take an interest rate swap as an illustration: one party may commit to pay the other a fixed sum every quarter, while the other side pays a variable amount at the same time. The floating interest element is determined by prevailing levels of interest rates in the market. Between interest payment dates, the sum that would be payable if a default happened on any given day rises or falls with market rates and, as...

Investing in the future (legal and commercial investments) - [ insert strategy-day summary ] Governance/management - [ insert strategy-day summary ] Risk management - [ insert strategy-day summary ] Financial - [ insert strategy-day summary ] People - [ insert strategy-day summary ] Services to clients - [ insert strategy-day summary ] Information technology - [ insert strategy-day summary ] Facilities/building - [ insert strategy-day summary ] Next steps This overview will go to the next management board meeting for final refinements and sign-off. After approval, it will be shared and/or presented to [ insert eg all staff ] to build awareness of the firm’s key strategic aims. Those aims will underpin the detailed business plan, assigning owners and timelines to priority actions. A quarterly review will track each legal and operational team plan against agreed timescales. Quarterly review dates Quarter 1 [ insert date ] Quarter 2 [ insert date ]...

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...