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UKSolicitorJA
UKSolicitorJA, Solicitor
Category: Law
Satisfied Customers: 4312
Experience:  English solicitor with over 12 years experience
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Is there a law in the UK that covers "Cash in Transit" If T&Cs

Customer Question

Is there a law in the UK that covers "Cash in Transit" If T&Cs do not state cleared funds on a specific day, and the customer can prove that he sent the funds for example on the invoice due date of 31.03.14, however cash is not received until 02.04.14 - then can the funds be posted to the customers account on 31.03.14, thereby showing them paying their invoices on time, and having a positive effect on their DSO?
Many thanks, XXXXX XXXXX forward to hearing from you.
Emma
Submitted: 2 years ago.
Category: Law
Expert:  UKSolicitorJA replied 2 years ago.
Hello Emma,

This is a contractual matter between the customer and the cash in transit business and depends on what is agreed with the customer if the terms and conditions are not clear or do not cover the particular issue.

Cash transportation services are not regulated by the Payment Services Regulations 2009 so it depends on what is agreed between the customer and the business.

Hope this helps
Customer: replied 2 years ago.

Hi,


If nothing specifically is agreed in terms and conditions, payment terms state 30 days from invoice, and customer shows from their system they made the payment on the due date, however the method of payment, ie BACS takes 3 days, then can the payment be taken on the date it was sent?


 


Thanks again Emma

Expert:  UKSolicitorJA replied 2 years ago.
The customer should then be given the benefit of the doubt as the terms and conditions are not clear and do not expressly specify that payment should be received in cleared funds by 30 days from invoice.

For future, perhaps the terms and conditions should be amended to expressly state as above.

Hope this clarifies.

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