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APC 2024 > Property Management Lvl3 > Flashcards

Property Management Lvl3 Flashcards

1
Q

What are the key guidance notes?

A
  • Commercial Property Management in Ireland 2016
  • Service charges in commercial property 2020
  • A Guide to Risk and Insurance for Property and Facilities Managers 2014
  • Property Management In Multi-Unit Developments 2020
  • L&T 1987
  • SCSI Commercial Service Charge - Handover Procedures 2020
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2
Q

What are the main section of Commercial Property Management in Ireland 2016?

A
  • Securing Instructions
  • Core Duties
  • Managing Sums Owing by Occupiers
  • Handling Client Moneys
  • Additional Notes
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3
Q

Main points of Securing Instructions in Commercial Property Management in Ireland 2016:

A
  • Understanding clients objectives and requirements
  • Confirm clients authority to instruct
  • Establish a clear scope of work and fee agreement
  • Obtain any necessary documentation (Leases, Accounts etc…)
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4
Q

Main points of Core Duties in Commercial Property Management in Ireland 2016:

A
  • Collect and manage sums owing by occupiers
  • Manage properties insurance and maintenance
  • Oversee properties day -to - day
  • Comply with legislation and regulation
  • Inform client of performance and issues
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5
Q

Main points of Managing Sums Owing by Occupiers in Commercial Property Management in Ireland 2016:

A
  • Have clear payment process in place
  • Notify client of any defaults promptly
  • Have process in place for pursuing occupiers
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6
Q

Main points of Handling Clients Money in Commercial Property Management in Ireland 2016:

A
  • Separate bank account
  • Reconcile account regularly
  • Only use moneys for purposes that it was intended
  • Obtain and maintain monies for insurance
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7
Q

Main points of Additional Notes in Commercial Property Management in Ireland 2016:

A
  • Good record keeping
  • Communicate regularly with client
  • Proactive not reactive
  • Stay up to date with latest legislation
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8
Q

How is Service charges in commercial property 2020 divided?

A
  • Introduction
  • Mandatory Requirements
  • Recommended Best Practices to Support Core Principles
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9
Q

Key points of Introduction in Service charges in commercial property 2020:

A
  • S/C are paid by occupiers to cover cost of maintaining and operating the building
  • SCSI Members and regulated firms must adhere to the mandatory requirements
  • Recommended best practice is designed to support the core principles
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10
Q

What are the Core Principles in Service charges in commercial property 2020?

A
  • Transparency
  • Fairness
  • Value for Money
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11
Q

What are the Mandatory Requirements in Service charges in commercial property 2020?

A
  • Provide a clear and transparent service charge budget
  • Use fair and reasonable apportionment methods
  • Maintain accurate and up to date accounts
  • Provide clear and concise information to occupiers
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12
Q

What are the Recommended Best Practices in Service charges in commercial property 2020?

A
  • Value for money
  • Involve occupiers in service charge process
  • Use ADR
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13
Q

What are the Additional Notes in Service charges in commercial property 2020?

A
  • L&T 1987 governs service charge
  • Keep up to date with changing legislation
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14
Q

What is risk?

A

Risk is the possibility of an event occurring that will have a negative impact on an organization’s objectives.

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15
Q

Why is risk management important?

A

Risk management is important because it can help organizations to:

  • Identify and assess risks
  • Develop and implement strategies to mitigate risks
  • Respond to risks when they occur
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16
Q

What are the different types of risk?

A
  • Property damage
  • Business interruption
  • Liability
  • Financial loss
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17
Q

What is insurance?

A

Insurance is a contract between an insured and an insurer, where the insurer agrees to pay for certain losses or damages incurred by the insured in exchange for a premium.

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18
Q

What are the different types of insurance?

A
  • Property insurance
  • Business interruption insurance
  • Liability insurance
  • Financial loss insurance
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19
Q

What is reasonable care?

A

Reasonable care is the standard of care that a reasonable person would exercise in a given situation. Property and facilities managers have a duty to take reasonable care to protect the property and people in their charge.

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20
Q

What is the difference between claims made and claims occurring policy wordings?

A

Claims Made - Claims made during the policy period regardless of when event happened (PL Insurance)

Claims Occurring - When the incident occurs during the period

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21
Q

What are the risks of using contractors?

A
  • May not be competent or qualified to perform the work.
  • May not have adequate insurance coverage.
  • May not be able to complete the work on time or on budget.
  • May cause damage to the property or injure people.
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22
Q

How can you mitigate risk?

A
  • Identifying and assessing risks
  • Implementing strategies to mitigate risks, such as purchasing insurance, developing risk management plans, and conducting regular audits
  • Responding to risks when they occur
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23
Q

What is the Property Management In Multi-Unit Developments 2020?

A

Legislation which sets out the rights and responsibilities of owners, occupiers, and managing agents.

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24
Q

What is the Owners’ Management Company (OMC)

A

The OMC is responsible for the day-to-day management of the development, including the collection and disbursement of service charges.

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25
Q

What new requirements did it introduce for managing agents?

A
  • Registered with Property Services Regulatory Authority (PSRA).
  • Professional indemnity insurance policy.
  • They must prepare and submit a service charge budget to the OMC for approval.
  • They must keep accurate records of all income and expenditure.
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26
Q

What powers has it given OMC’s?

A
  • The power to appoint and remove managing agents.
  • The power to set service charge budgets.
  • The power to enter into contracts on behalf of the development.
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27
Q

What are rights and responsibilities of owners?

A
  • Vote on election of Directors and approval of budgets
  • Right to access and use common area
  • Right to make alterations to their unit, subject to any restrictions in the OMC Constitution/ house rules
  • Responsible for paying service charge and comply with house rules
28
Q

What are rights and responsibilities of occupiers?

A
  • Right to peaceful enjoyment of the demise
  • Right to use the common area
  • Responsible for complying with house rules
29
Q

What are rights and responsibilities of managing agents?

A
  • Responsible for the day-to-day running of the development
  • Must be registered with the PSRA
  • Submit service charge budget to OMC for approval
  • Keep accurate records of income and expenditure
30
Q

What are requirements of the L/L under L&T 1987?

A
  • Provide tenants with detailed budget and rational
  • Only charge tenants for services provided
  • All monies must be kept in a separate account
  • Provide End of Yr accounts
31
Q

What are the rights of the tenant under L&T 1987?

A
  • Inspect all service charge records
  • Challenge any charges they deem unreasonable
  • Right to withhold payment if they believe L/L has not complied with the act
32
Q

What does the SCSI Commercial Service Charge -
Handover Procedures 2020 cover?

A

Covers both the sale of a property and a change of manager

33
Q

What is the max time granted for handover?

A

2 Months

34
Q

What should handover include?

A
  • Property Setup Information (Accounting Period/ Apportionment/Voids)
  • Tenant Financial Information (Statements/Meter reads/Demands)
  • Financial Transfer Information (Updated statement of arrears on final transfer)
  • Statement of service charge for current year
  • Sinking fund
  • Info on security deposits for utilities
35
Q

What are the principles of apportionment?

A

Set out in lease, however from time-to-time may need to be reviewed. One should ask “does the premises benefit from
the service?”

36
Q

Difference between residential and commercial S/C?

A

Usually residential occupants will have to pay for services available. Commercial may have an ‘Opt out’ in their lease

37
Q

What are service charge schedules?

A

When there are differing parties who benefit from certain services schedules may be created to accommodate this

38
Q

Name two examples of schedules?

A
  • Estate
  • Building
39
Q

How are Food Courts normally calculated?

A

Normally based on turnover rather than size as it’s a better reflection of level of use

40
Q

What are the commonly used apportionment methods?

A
  • User Weighting
  • Area Weighting
  • Mix
41
Q

What is User Weighting?

A

Combines location and user classification to determine it’s direct benefit to service charge

42
Q

Example of User Weighting

A
43
Q

What is Area Weighting?

A

Used in larger schemes with substantial anchor tenants.
Similar to retail zoning. GIA of each unit is weighted based upon it’s size, in tranches

44
Q

How do you calculate Area Weighting?

A

Lower % weighting is applied to larger tranches and visa versa. Calculated by dividing the weighted area of each unit by the total weighted area

45
Q

Example of Area Weighting

A
46
Q

What are the key Legislation for Property Management

A
  • The Building Control Act 1990, 2007 & 2014
  • Building Regulations 1997 & 2014
  • Safety, Health and Welfare at Work Act 1989 & 2005
  • Fire Services Act 1981 & 2003
  • The Property Services (Regulation) Act 2011
  • Arbitration Act 2010
  • Local Government Reform Act 2014
  • Landlord & Tenant Act 1967 to 1994
  • Data Protection Acts 1988 and 2003
  • Companies Act 2011
  • Criminal Justice Act 2011
  • Multi-Unit Developments (MUD) Act 2011
47
Q

The Building Control Act 1990, 2007 & 2014

A

Combined Acts:
The Building Control Acts in Ireland consist of three main pieces of legislation:

  • Building Control Act 1990 (the foundation)
  • Building Control Act 2007 (amendments and additions)
  • Local Government Reform Act 2014 (sections affecting building control)

Key Points:

  • Building Control Authorities: Local authorities are responsible for enforcing the Acts through dedicated Building Control Authorities.
  • Building Regulations: The Acts enable the creation of detailed regulations on various aspects of construction, including:

o Structural standards
o Fire safety
o Accessibility for people with disabilities
o Conservation of energy

  • Compliance: The Acts place a legal duty on those involved in construction (builders, designers, owners) to comply with building regulations.
  • Enforcement: Local Authorities have the power to:
    o Inspect building works
    o Issue enforcement notices for non-compliance
    o Take legal action against offenders
    o Seek court orders in serious cases
48
Q

The Building Regulations 1997 and 2014

A
  • Foundation for Construction Standards: This is the main set of regulations for building works in Ireland.
  • Scope: It covers various aspects to ensure safety, health, and well-being in buildings, including:
    o Structural integrity
    o Fire safety (critical aspect)
    o Materials and workmanship
    o Sound insulation
    o Ventilation
    o Hygiene
    o Drainage and wastewater disposal
    o Heat-producing appliances
    o Stairs, ladders, ramps (safety features)
    o Conservation of fuel and energy (later addition)
    o Limited accessibility for disabled people (later improved upon)
  • Current Status: These regulations are still in effect, but with amendments incorporated over time.
49
Q

Safety, Health and Welfare at Work Act 1989 & 2005

A

In Ireland, workplace safety is governed by two key pieces of legislation:

  1. Safety, Health and Welfare at Work Act 1989 (SHWW Act 1989): This act formed the foundation for workplace safety regulations.
  2. Safety, Health and Welfare at Work Act 2005 (SHWW Act 2005): This act repealed and replaced the 1989 Act, providing a more comprehensive framework.

Key Provisions of the 2005 Act:

Duty of Care: The act assigns clear duties to various parties:

  • Employers: Responsible for the safety, health, and welfare of employees at work.
  • Employees: Have a duty to cooperate with employers to ensure workplace safety.
  • Manufacturers, Suppliers, and Importers: Must ensure products used at work are safe.
  • Risk Assessments: Employers must conduct risk assessments to identify potential hazards and implement control measures.
  • Safe Work Practices: Employers must establish and maintain safe work practices to prevent accidents and injuries.
  • Health and Safety Information: Employers must provide employees with adequate information, instruction, training, and supervision on health and safety matters.
  • Consultation and Worker Participation: The act encourages consultation with employees on health and safety issues.
  • Enforcement: The Health and Safety Authority (HSA) is responsible for enforcing the act. They have the power to:

o Conduct inspections
o Issue improvement notices
o Prosecute offenders

Changes brought by the 2005 Act:

  • Superseded the 1989 Act: The 2005 Act provided a more modern and comprehensive framework for workplace safety.
  • Enhanced Responsibilities: It clarified and expanded the responsibilities of employers, employees, and other duty holders.
  • Emphasis on Risk Assessment: The act placed a greater emphasis on risk assessment as a proactive approach to safety.
  • Strengthened Enforcement: The HSA’s powers were broadened to improve enforcement of safety regulations
50
Q

What is UNCITRAL Model Law

A
  • The UNCITRAL Model Law on International Commercial Arbitration is a widely adopted international instrument that serves as a guideline for countries aiming to improve their domestic laws on commercial arbitration.
  • Developed by the United Nations Commission on International Trade Law (UNCITRAL), it provides a standardized framework for resolving cross-border commercial disputes through arbitration.
51
Q

Fire Services Act 1981 & 2003

A

The Fire Services Act (FSA) is the cornerstone of fire safety legislation in Ireland. While enacted in 1981, it was amended by the Licensing of Indoor Events Act 2003, forming the current framework.
Key Responsibilities:

  • Duty of Care: The act places the primary responsibility for fire safety on the “person having control” of premises. This typically refers to the owner or occupier (e.g., building owner, business owner). They must take all reasonable measures to:

o Prevent fire outbreaks

o Ensure the safety of people in the event of a fire

  • Fire Authorities: Local authorities act as fire authorities, responsible for:

o Firefighting and emergency response

o Fire prevention measures (e.g., inspections, raising awareness)

o Enforcement actions against non-compliance with fire safety regulations

o Developing Fire and Emergency Operations Plans

  • The Act Addresses:
  • Fire Safety in Various Premises: Applies to a range of buildings, including dwellings, commercial properties, industrial facilities, and more.
  • Fire Safety Regulations: Enables the creation of detailed regulations on fire safety measures, such as:

o Means of escape (emergency exits)

o Fire detection and alarm systems

o Firefighting equipment

o Fire compartmentation (limiting fire spread)

o Fire safety training
Enforcement:

  • Fire authorities have the power to:

o Conduct inspections of premises
o Issue fire safety notices requiring corrective actions
o Prosecute offenders in serious cases

*Additional Points:

o The act allows fire authorities to recover firefighting costs from those responsible for fires caused by deliberate action or neglect.

o It also grants immunity from liability for fire authorities and firefighters acting in good faith during emergencies.

52
Q

The Property Services (Regulation) Act 2011

A

The Property Services (Regulation) Act 2011 (PSRA) established a framework for regulating property service providers in Ireland. Here’s a breakdown of its key aspects:

Main Objectives:

  • Protect Consumers: The act aims to ensure consumers receive professional and ethical services from qualified property service providers.
  • Set Standards: It establishes minimum standards for property service providers through a licensing system.
  • Regulate the Industry: The act creates a regulatory body, the Property Services Regulatory Authority (PSRA), to oversee the industry.

Key Provisions:

  • Licensing: Only licensed individuals or firms can provide specific property services like selling, letting, or valuing property.
  • PSRA Responsibilities: The PSRA is responsible for:

o Issuing licenses to qualified applicants

o Maintaining a register of licensees

o Investigating complaints against licensees

o Taking disciplinary action against non-compliant providers

o Developing and enforcing codes of conduct for the industry

o Publishing information on residential property sale prices and commercial lease agreements

  • Consumer Protections: The act provides consumers with certain protections, such as:

o Right to receive information about a provider’s license and fees

o Ability to lodge complaints with the PSRA

Impact on the Industry:

  • Professionalization: The act aims to professionalize the property services industry by setting clear standards and qualifications.
  • Increased Consumer Confidence: Consumers can be more confident when dealing with licensed property service providers.
  • Improved Transparency: The act promotes transparency in the property market through public registers and disclosure requirements.
53
Q

Arbitration Act 2010

A

The Arbitration Act 2010 (Ireland)

The Arbitration Act 2010 is a key piece of legislation governing arbitration proceedings in Ireland. Here’s a breakdown of its main points:

Key Features:

  • Adoption of the UNCITRAL Model Law: The Act adopts the UNCITRAL Model Law on International Commercial Arbitration (as amended in 2006). This provides a standardized framework for arbitration, promoting consistency and international recognition of Irish arbitration awards.
  • Application: The Act applies to both domestic and international arbitrations commenced in Ireland on or after June 8, 2010.
  • Functions of the High Court: The High Court has limited involvement in arbitration proceedings but can play a role in certain situations, such as:

o Appointment of arbitrators in specific circumstances

o Determining challenges to an arbitrator’s jurisdiction

o Enforcement of arbitral awards
Benefits of Arbitration:

  • Flexibility and Confidentiality: Arbitration allows parties to tailor the dispute resolution process to their specific needs and often offers greater confidentiality compared to court proceedings.
  • Neutrality and Expertise: Parties can choose experienced arbitrators with relevant expertise in the subject matter of the dispute.
  • Enforcement of Awards: Arbitral awards issued in Ireland, or awards recognized under international conventions, can be enforced like court judgments.

Key Points of the Act:

  • Arbitration Agreements: A written agreement between the parties is essential for initiating arbitration proceedings.
  • Commencement of Arbitration: The Act outlines procedures for initiating arbitration, including the appointment of arbitrators.
  • Conduct of Arbitration: The Act provides a framework for conducting the arbitration, including rules on evidence, disclosure, and decision-making by the arbitrators.
  • Challenges to Arbitral Awards: The Act sets out limited grounds for challenging the validity or enforcement of an arbitral award.
54
Q

Local Government Reform Act 2014

A
  • Landlord has 2 weeks to inform the local authority if theres a
    change in occupancy or may be held liable for 2 years of
    rates. Effective from 01/07/14.
55
Q

Landlord & Tenant Act 1967 to 1994

A
  • The main legal rights and responsibilities as a private tenant
    derive from landlord and tenant law as well as from any lease
    or tenancy agreement between tenant & landlord
56
Q

Data Protection Acts 2018 (GDPR)

A
  • It is a regulation in EU law on data protection and privacy in the EU and the European Economic Area (EEA). It also addresses the transfer of personal data outside the EU and EEA areas.
57
Q

Companies Act 2011

A

Companies Act 2014:

  • Replaced the 2011 Act: The Companies Act 2014 came into effect on June 1, 2014, and repealed the 2011 Act.
  • Comprehensive Framework: It provides a comprehensive framework for the incorporation, operation, and winding up of companies in Ireland.
  • Key Areas: The Act covers a wide range of topics, including:

o Incorporation of companies (public and private)

o Share capital and shareholder rights

o Directors’ duties and governance

o Company meetings and reporting requirements

o Mergers and acquisitions

o Insolvency and winding up

58
Q

Criminal Justice Act 2011

A

Main Objectives:

  • Enhance Investigation Techniques: The Act introduces new powers and procedures to assist Gardaí (Irish police) in investigating specific criminal offences.
  • Improve Efficiency and Fairness: It aims to streamline procedures while ensuring fairness for both the accused and the victims of crime.
  • Address Specific Offences: The Act primarily focuses on “relevant offences,” which are serious crimes listed in Schedule 1 of the Act (e.g., drug trafficking, money laundering, serious violence).

Key Provisions:

  • Detention Powers: The Act allows Gardaí to extend the detention period for suspects arrested for relevant offences under certain circumstances, with safeguards to prevent abuse.
  • Production Orders: Judges can order individuals to produce documents or provide information relevant to investigations of relevant offences.
  • Concealing Facts and Withholding Information: The Act creates offences for concealing evidence or withholding information about relevant offences.
  • Consultation with Solicitors: The Act strengthens the rights of suspects in detention to access legal advice from a solicitor.

Impact of the Act:

  • Enhanced Investigation Powers: Gardaí have greater tools for investigating serious crimes.
  • Streamlined Procedures: The Act aims to expedite investigations and prosecutions.
  • Balance Between Rights: It attempts to balance the need for effective investigation with the rights of the accused.

Controversies and Considerations:

  • Detention Powers: Extensions of detention periods have raised concerns about potential infringement on liberty.
  • Production Orders: Concerns exist about the potential for misuse of these orders to gather information on individuals not suspected of crimes.
  • Balancing Act: The Act navigates the balance between effective investigation and individual rights.
59
Q

Multi-Unit Developments (MUD) Act 2011

A

The Multi-Unit Developments Act 2011

(MUD Act) is a key piece of legislation governing the ownership and management of common areas in multi-unit developments in Ireland. Here’s a breakdown of its main points:

Objectives:

  • Resolve Ownership Issues: The Act addresses historical issues related to the ownership of common areas (e.g., hallways, gardens, parking) in existing multi-unit developments.
  • Facilitate Fair Management: It establishes a framework for the fair and effective management of these common areas through Owners’ Management Companies (OMCs).
  • Strengthen Owners’ Rights: The Act strengthens the rights and responsibilities of owners in multi-unit developments.
    Key Provisions:
  • Transfer of Common Areas: The Act mandates the transfer of ownership of common areas from developers to the relevant OMC within a set timeframe.
  • Establishment of OMCs: It establishes a legal framework for the creation and operation of OMCs, responsible for managing the common areas.
  • Service Charges: The Act regulates the setting and collection of service charges to cover the costs of maintaining and managing the common areas.
  • Voting Rights: The Act establishes a “one unit, one vote” principle for OMC voting, ensuring fairness for all owners. (Exceptions may apply for established developments with different voting structures)

Benefits of the MUD Act:

  • Clarity of Ownership: The Act clarifies the ownership of common areas, preventing disputes.
  • Improved Management: It promotes well-managed and maintained common areas through established OMCs.
  • Fairness for Owners: The Act strengthens the rights and voices of owners in decision-making processes.

Additional Notes:

  • The MUD Act applies to developments with five or more units (with some exceptions for smaller residential developments).
  • The Act is complex, and there have been court rulings interpreting its provisions.
  • For a full understanding, it’s important to refer to the full text of the Act and seek professional legal advice if needed, particularly regarding specific situations in a multi-unit development.
60
Q

Fire Safety In Office/ Retail / Industrial

A

Main Governing Legislation:

  • Fire Services Act 1981 & 2003 (FSA): Places the primary duty of care on the “person having control” of the office premises (typically the owner or occupier) to ensure fire safety measures are in place. This includes:

o Fire risk assessment: Identify potential fire hazards and implement control measures.

o Safe means of escape: Clearly marked and unobstructed escape routes with emergency exits.

o Fire detection and alarm system: System to detect fires and alert occupants for evacuation.

o Firefighting equipment: Appropriate fire extinguishers readily available.

o Staff training: Provide fire safety training for employees on fire awareness and extinguisher use.

  • Safety, Health and Welfare at Work Act 2005 (SHWW Act): Applies to workplaces and requires employers to:

o Conduct fire risk assessments specific to the office environment.

o Implement control measures to minimize fire risks (e.g., proper storage of flammable materials, electrical safety checks).

o Develop and maintain safe work practices to prevent fires (e.g., procedures for hot work activities).
Building Regulations:

  • Building Regulations 1997 (as amended): These regulations set minimum standards for fire safety features in buildings, including office buildings. This could include:

o Fire resistance of building materials (e.g., walls, doors)

o Fire compartmentation (dividing the building into sections to limit fire spread)

o Emergency lighting to illuminate escape routes during power outages

Additional Standards and Guidance:

  • National Standards Authority of Ireland (NSAI) Standards: While not mandatory, NSAI offers fire safety-related standards that can provide valuable guidance. Examples include:

o I.S. 3217: Emergency Lighting
o I.S. 3218: Fire Alarm Installation

  • Codes of Practice: The Health and Safety Authority (HSA) might offer codes of practice or guidance documents on specific fire safety aspects in offices.

Enforcement:

  • Local Authority Fire Services: They are responsible for enforcing fire safety legislation and regulations. This includes inspections of office buildings, issuing fire safety notices for non-compliance, and taking legal action if necessary.
61
Q

The powers and duties of the OMC

A
  • Make and enforce house rules
  • Collect service charges from unit owners
  • Maintain and repair common areas
  • Insure common areas
  • Employ staff
  • Borrow money
  • Enter into contracts
62
Q

Fire Safety and Service Schedule

A

Fire Alarm - Quarterly
Bell Testing - Weekly
Evacuation Drills - Bi-annually
Emergency Lighting - Quarterly
Fire Extinguisher - Annually
Fire Hydrant - Pressure Test
Dry Riser - Visual every 6 months/ wet testing annually
Intruder Alarm - Service
CCTV - Closed Access
Passenger / Goods Lift - Bi-annually

63
Q

When a building is finished, what certificates are authorised

A
  • Statutory Certificate of Compliance on Completion (CCC)
  • Fire Cert
  • Disability Access Cert
64
Q

How long do fire doors need to be resistant

A

30 min

65
Q

What standards govern Emergency Lightings

A

I.S. 3217:2013 issued by National Standards Authority (NSA)

Monthly flick test
Quarterly inspection

66
Q

Prompt Payment of Accounts Act, 1997

A
  • Timely Payment: The Act establishes specific deadlines for public sector bodies and certain private companies to settle their invoices with suppliers. These timelines typically range from 30 to 60 days after receiving a valid invoice.
  • Late Payment Interest: Suppliers are entitled to claim interest on payments that are overdue beyond the stipulated timeframe. The Act outlines a standard interest rate to be applied on late payments.
  • Dispute Resolution: The Act provides a mechanism for resolving disagreements between buyers and suppliers regarding payments. This may involve mediation or arbitration processes.
  • Protection from Retaliation: The Act safeguards suppliers from any negative consequences imposed by buyers for exercising their rights under the Act. This prevents buyers from retaliating against suppliers who claim late payment interest, for example.
  • Applicability: The Act applies to a broad range of commercial transactions involving public sector bodies and certain private companies acting as purchasers. It ensures timely payment for businesses within the Act’s scope.

APC 2024 (17 decks)

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