Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Public holiday definition

What does Public holiday mean? A public holiday is a day on which workplaces commonly close and employees are given leave, typically aligned to bank or statutory holidays and referenced in employment contracts and HR policies. In England and Wales, Scotland and Northern Ireland, “public holiday” is a descriptive term: the legal mechanism is the designation of bank holidays under the Banking and Financial Dealings Act 1971 and by Royal Proclamation (including occasional one‑off days). There is no automatic right to paid time off or premium pay; entitlement and any enhanced rates depend on the contract, collective agreement or policy. Statutory annual leave under the...

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

Published by a LexisNexis Commercial expert

Precedents

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 day of this Agreement ] [ (and payment pro-rated accordingly) ], and ‘Quarterly’ shall be construed accordingly;
VAT — comprises United Kingdom value added tax [ , OR and ] any other tax imposed in

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Web page updated on 22/05/2026

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