Part of the debate – in the House of Lords at 2:46 pm on 26 February 2003.
My Lords, it is difficult to define what reasonable payment should be. The only safe thing for us to do is to say that it is a matter of a commercial contract between the suppliers and the supermarkets. There is, however, the Late Payment of Commercial Debts (Interest) Act 1998, which says that, in default of any other agreement, the payment period should be 30 days. I am sure that the noble Lord, Lord Mackie of Benshie, would welcome that as an alternative period to the 100 days that he cited.