HomeRulebook HomeBalancing and Settlement CodeBSCBSC Section N Clearing Invoicing Payment
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CONTENTS

  • SECTION N: CLEARING, INVOICING & PAYMENT
    • 1. INTRODUCTION
      • 1.1 General
    • 2. CLEARING ARRANGEMENTS
      • 2.1 General
      • 2.2 The BSC Clearer as counter Party to each Party
      • 2.3 Determination of payments for Trading Charges
      • 2.4 Payment netting
      • 2.5 Conditions for payment by the BSC Clearer
      • 2.6 Set-off
      • 2.7 Liability of the BSC Clearer
      • 2.8 Trading Disputes
      • 2.9 Assignment
    • 3. PAYMENT CALENDAR
      • 3.1 Content
      • 3.2 Requirements
      • 3.3 Production
      • 3.4 Panel Authority to Change Payment Calendar 
    • 4. BANKING ARRANGEMENTS
      • 4.1 Establishment of Accounts
      • 4.2. Funds Transfer Agreement
      • 4.3 Settlement Account
      • 4.4 Not Used4.5 Not Used4.6 Reserve Account
      • 4.7 Not Used4.8 Not Used4.9 Credit Facility
      • 4.10 Treasury Policy and investment of Reserve Account monies
    • 5. TAXATION
      • 5.1 Tax Agreements
      • 5.2 Withholdings on account of taxation
      • 5.3 Taxation of BSC Clearer
      • 5.4 Value Added Tax
    • 6. CALCULATION OF PAYMENTS
      • 6.1 Settlement Runs
      • 6.2 Validation by FAA
      • 6.3 Rectification of errors
      • 6.4 Reconciliation
      • 6.5 Amounts in Invoices
      • 6.6 Postponed Payments
      • 6.7 Payment by BSC Debtors, the BSC Clearer and BSCCo
      • 6.8 Liability several
      • 6.9 Ad-hoc Trading Charges
      • 6.10 Replacement Supplier
    • 7. INVOICES
      • 7.1 Despatch of Invoices
      • 7.2 Method of despatch
      • 7.3 Invoice information
      • 7.4 Information – Imbalance Parties
      • 7.5 Information – NETSO
    • 8. PAYMENT PROCEDURE
      • 8.1 Instructions for payment
      • 8.2 FAA’s responsibilities
      • 8.3 Non-payment
      • 8.4 Excess payments
      • 8.5 Payment to BSC Creditors
      • 8.6 Prohibition on transfers
      • 8.7 Clearing of Clearing Account
    • 9. PAYMENT DEFAULT
      • 9.1 General
      • 9.2 Affected Date
      • 9.3 Amount in Default
      • 9.4 Interest
      • 9.5 D+1
      • 9.6 D+2
      • 9.7 No liability
    • 10. Not Used11. PAYMENT ERRORS
      • 11.1 Overpayments
      • 11.2 Failure to repay overpayments
      • 11.3 Underpayments
    • 12. ENFORCEMENT OF CLAIMS
      • 12.1 Duties of FAA
      • 12.2 Action to recover Default Share Amounts
    • 13. Not Used
    • AMENDMENT RECORD – SECTION N

BSC Section N: Clearing, Invoicing & Payment V24.0

Effective From Date:28/09/2026
Status:LIVE
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