(5) Nothing in this section prevents persons entering a regulated contract under which notice of termination may not be given before a specified date. 22 Payment in lieu of notice (1) A hirer may, in lieu of the notice period required by section 21, pay a contractor an amount calculated in accordance with this section. (2) The amount is the gross amount less the deductible amount. (3) The is the higher of— gross amount (a) the amount that would be paid under the regulated contract for the minimum number of hours specified in the contract over the minimum required period of notice; (b) the monthly average of the amount paid to the contractor by the hirer over the period of 6 months immediately before the termination multiplied by the number of months of the minimum required period of notice. (4) The is— deductible amount S. 22(4)(a) (a) if the relevant vehicle or motorised amended by equipment is subject to finance arrangements No. 40/2007 s. 5(a). at the time of termination, the amount of variable overhead costs as provided in the most recent applicable rates and costs schedule that would be payable over the minimum required period of notice; or S. 22(4)(b) (b) if the relevant vehicle or motorised substituted by equipment is not subject to finance No. 40/2007 arrangements at the time of termination, the s. 5(b). amount of— (i) overhead costs for finance arrangements for a vehicle or motorised equipment; and
(5) Nothing in this section prevents persons entering a regulated contract under which notice of termination may not be given before a specified date. 22 Payment in lieu of notice (1) A hirer may, in lieu of the notice period required by section 21, pay a contractor an amount calculated in accordance with this section. (2) The amount is the gross amount less the deductible amount. (3) The gross amount is the higher of— (a) the amount that would be paid under the regulated contract for the minimum number of hours specified in the contract over the minimum required period of notice; (b) the monthly average of the amount paid to the contractor by the hirer over the period of 6 months immediately before the termination multiplied by the number of months of the minimum required period of notice. (4) The deductible amount is— S. 22(4)(a) amended by No. 40/2007 s. 5(a). (a) if the relevant vehicle or motorised equipment is subject to finance arrangements at the time of termination, the amount of variable overhead costs as provided in the most recent applicable rates and costs schedule that would be payable over the minimum required period of notice; or S. 22(4)(b) substituted by No. 40/2007 s. 5(b). (b) if the relevant vehicle or motorised equipment is not subject to finance arrangements at the time of termination, the amount of— (i) overhead costs for finance arrangements for a vehicle or motorised equipment; and
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