Contracts (Amendment) Act, 2023 (Act 1114) - Revision history

Oblitey: Oblitey moved page Contracts (Amendment) Act, 2023 - Act 1114 to Contracts (Amendment) Act, 2023 (Act 1114) without leaving a redirect

2026-03-01T16:18:10Z

Oblitey moved page Contracts (Amendment) Act, 2023 - Act 1114 to Contracts (Amendment) Act, 2023 (Act 1114) without leaving a redirect

← Older revision	Revision as of 18:18, 1 March 2026
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2024-05-18T17:37:19Z

Section 17 of Act 25 Amended

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	====Section 17 of Act 25 Amended====		====Section 17 of Act 25 Amended====
	The Contracts Act, 1960 (Act 25) is amended by the substitution for section 17, of		The Contracts Act, 1960 (Act 25) is amended by the substitution for section 17, of
	'''"Contracts of the Republic
			'''"Contracts of the Republic'''

	17. (1) This Act applies to a contract or a transaction entered into on behalf of the Republic as it applies to any other contract or transaction.		17. (1) This Act applies to a contract or a transaction entered into on behalf of the Republic as it applies to any other contract or transaction.

Oblitey: /* ARRANGEMENT OF SECTION */

2024-04-06T20:46:22Z

ARRANGEMENT OF SECTION

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	==ARRANGEMENT OF SECTION==		==ARRANGEMENT OF SECTION==

	:[[Section 17 of Act 25 Amended]]		:Section 17 of Act 25 Amended

	==PURPOSE==		==PURPOSE==

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2024-04-06T20:44:24Z

ARRANGEMENT OF SECTION

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	==ARRANGEMENT OF SECTION==		==ARRANGEMENT OF SECTION==

	:[[#Section 17 of Act 25 Amended]]		:[[Section 17 of Act 25 Amended]]

	==PURPOSE==		==PURPOSE==

Oblitey: /* ARRANGEMENT OF SECTION */

2024-04-06T20:43:50Z

ARRANGEMENT OF SECTION

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	==ARRANGEMENT OF SECTION==		==ARRANGEMENT OF SECTION==

	:Section 17 of Act 25 Amended		:[[#Section 17 of Act 25 Amended]]

	==PURPOSE==		==PURPOSE==

Oblitey at 20:34, 6 April 2024

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	::(c) any other person authorised by law.		::(c) any other person authorised by law.

	:(3) Where a person specified under subsection (2) enters into a contract or transaction on behalf of the Republic, the		:(3) Where a person specified under subsection (2) enters into a contract or transaction on behalf of the Republic, the payment of interest on any sum of money due under the contract or transaction shall be calculated at simple interest.
	payment of interest on any sum of money due under the contract or transaction shall be calculated at simple interest.

	:(4) A person shall not enter into a contract or a transaction on behalf of the Republic in which the payment of interest on a sum of money due to a party to the contract or transaction is calculated. at compound interest.		:(4) A person shall not enter into a contract or a transaction on behalf of the Republic in which the payment of interest on a sum of money due to a party to the contract or transaction is calculated at compound interest.

	:(5) A contract entered into contrary to subsection (4) is null and void.		:(5) A contract entered into contrary to subsection (4) is null and void.

	:(6) A person who wilfully enters into a contract contrary to this section commits an offence and is liable on summary		:(6) A person who wilfully enters into a contract contrary to this section commits an offence and is liable on summary conviction to a fine of not less than five thousand penalty units and not more than ten thousand penalty units or to a term of imprisonment of not less than ten years and not more than fifteen years or to both."
	conviction to a fine of not less than five thousand penalty units and not more than ten thousand penalty units or to a term of imprisonment of not less than ten years and not more than fifteen years or to both."

Oblitey: Created page with "==ARRANGEMENT OF SECTION== :Section 17 of Act 25 Amended ==PURPOSE== AN ACT to amend the Contracts Act, 1960 (Act 25) to provide for the type of interest to be paid on a sum of money due to a party to a contract or transaction entered into on behalf of the Republic. ==DATE OF ASSENT== 1st March, 2024. ==ACT== ====Section 17 of Act 25 Amended==== The Contracts Act, 1960 (Act 25) is amended by the substitution for section 17, of '''"Contracts of the Republic 17. (1) T..."

2024-04-06T20:33:44Z

Created page with "==ARRANGEMENT OF SECTION== :Section 17 of Act 25 Amended ==PURPOSE== AN ACT to amend the Contracts Act, 1960 (Act 25) to provide for the type of interest to be paid on a sum of money due to a party to a contract or transaction entered into on behalf of the Republic. ==DATE OF ASSENT== 1st March, 2024. ==ACT== ====Section 17 of Act 25 Amended==== The Contracts Act, 1960 (Act 25) is amended by the substitution for section 17, of '''"Contracts of the Republic 17. (1) T..."

New page

==ARRANGEMENT OF SECTION==

:Section 17 of Act 25 Amended

==PURPOSE==
AN ACT to amend the Contracts Act, 1960 (Act 25) to provide for the type of interest to be paid on a sum of money due to a party to a contract or transaction entered into on behalf of the Republic.

==DATE OF ASSENT==
1st March, 2024.

==ACT==
====Section 17 of Act 25 Amended====
The Contracts Act, 1960 (Act 25) is amended by the substitution for section 17, of
'''"Contracts of the Republic

17. (1) This Act applies to a contract or a transaction entered into on behalf of the Republic as it applies to any other contract or transaction.

:(2) The following persons are authorised to enter into a contract or transaction on behalf of the Republic:
::(a) a Minister responsible for a subject or department on a matter falling within the portfolio of the Minister;
::(b) a person authorised by the Minister; or
::(c) any other person authorised by law.

:(3) Where a person specified under subsection (2) enters into a contract or transaction on behalf of the Republic, the
payment of interest on any sum of money due under the contract or transaction shall be calculated at simple interest.

:(4) A person shall not enter into a contract or a transaction on behalf of the Republic in which the payment of interest on a sum of money due to a party to the contract or transaction is calculated. at compound interest.

:(5) A contract entered into contrary to subsection (4) is null and void.

:(6) A person who wilfully enters into a contract contrary to this section commits an offence and is liable on summary
conviction to a fine of not less than five thousand penalty units and not more than ten thousand penalty units or to a term of imprisonment of not less than ten years and not more than fifteen years or to both."