Act On Payment Terms

On 28 April 2013, the new Act on Payment Dates in Commercial Transactions ("Act") came into force. The Act provides for statutory payment terms of price/remuneration for the sale of goods or services, if these are in connection with business activity. The new regulations differ depending on (i) whether or not the parties contractually adopted applicable payment dates, and (ii) if the creditor is dealing with a public or non-public debtor in default.

Contractual payment date exceeding 30 days or no contractual payment date

Firstly, it should be explained that "payment date" refers to the date on which a payment falls due.

According to the Act, the statutory interest (currently 13% per annum) shall be due to the creditor already 30 days after fulfillment of the creditor's obligation and the delivery of an invoice or a bill to the debtor, until the day of factual payment, but in any case no longer than until the contractual payment date. It is regardless of the