Law on combating late payments in commercial transactions
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5 April 2013
The law on combating late payments under contracts between economic operators and between them and contracting authorities comes into effect on 5 April 2013 (“the Law”).
The Law transposes Directive no. 7/2011/EU of the European Parliament and the Council on combating late payment in commercial transactions.
The main provisions introduced are:
Contracts concluded between economic operators
- The Law defines economic operators and provides for a maximum contractual payment period of 60 calendar days.
- By exception, parties can stipulate an extended payment period clause in their contract, provided that this clause does not constitute an abuse, under the current Law provisions.
- The Law provides the method of determining the legal late payment penalty interest rate, as well as the date from which the late payment interest starts to accrue. If the parties have not set the interest rate, it will be calculated based on the NBR reference interest rate.
Contracts concluded between economic operators and contracting authorities
- Contracting authorities, as defined by the Law, are required to comply with the following payment terms:
a) 30 calendar days from invoice receipt or other equivalent payment request;
b) 30 calendar days from the date of receipt of goods or services, if the invoice was issued before the delivery of goods / provision of services, or if it has not been issued;
c) 30 calendar days from receipt of goods or their quality check, if a receipt procedure is provided by law or in the contract. The receipt of goods cannot exceed 30 calendar days except for special cases, triggered by the nature of the goods received, if this clause does not constitute abuse.
- The payment term can be extended to a maximum of 60 calendar days if specifically mentioned in the contract.
The Law deems as void contractual clauses whereby an invoice issuing / receipt date is provided. This provision applies for both types of contracts previously mentioned.
[Source: Official Gazette of Romania no. 182/2 April 2013]
For more information, please contact Peter de Ruiter, Mihaela Mitroi, Ionut Simion and Daniel Anghel.