Part 6: Below-threshold contracts Section 88: Regulated below-threshold contracts: implied payment terms
The rules in this section mirror the prompt payment rules for the main, above-threshold regime found in sections 68 (Implied payment terms in public contracts) and 73 (Implied payment terms in sub-contracts), but adapted for the below-threshold context.
	Subsection (1) provides that the terms set out in subsections (2) to (5) are implied into regulated below threshold public contracts.
	Subsection (2) sets out the requirement that a payment due to be made under a regulated below-threshold contract by the contracting authority must be paid within 30 days from the day the invoice is received or becomes due (whichever is later).
	Subsection (3) clarifies that subsection (2) does not apply if the contracting authority considers that the invoice is invalid or disputes it.
	Subsection (4) requires the contracting authority to notify the payee without undue delay if the invoice is considered to be invalid or is disputed.
	Subsection (5) clarifies that payment can only be made by a third party if agreed by the payee.
	Subsection (6) specifies that an invoice is valid if it sets out minimum required information required by subsection (7) and meets any other requirement set out in the contract.  Subsection (7) provides that, in order to be valid, an invoice must contain the name of the invoicing party, a description of the goods, services or works supplied, the sum requested and a unique identification number.
	Subsection (8) sets out that the terms in subsections (2) to (5) are implied into any contract made wholly or substantially for the purpose of performing, or contributing to the performance of, the regulated below threshold contract.
	Subsection (9) clarifies the references to "the contracting authority" for the purpose of subsection (8) includes bodies other than the contracting authority. For these purposes the term also includes persons who are the recipients of goods, services or works for the purposes of a contract covered by this section.
	Subsection (10) ensures that the implied payment terms cannot be contractually restricted or overridden in below threshold contracts.
	Subsection (11) clarifies that parties may agree to shorter payment terms.
	Subsection (12) allows a Minister of the Crown or the Welsh Ministers to amend this section to reduce (but not increase) the term in which payment must be made.
	Subsection (13) defines payee and sets out that receipt of an invoice at an address specified in the contract is sufficient to amount to the contracting authority having received that invoice.