Law Limits Maximum
Before the lack of success of law 3/2004, of 29 December, which established measures of combating late payment in commercial transactions, just insert in it a series of amendments which, among other things, establish a maximum payment term for commercial transactions carried out between companies or between companies and the administration. With these changes incorporated by law 15/2010 of 5 July, and who entered the force on July 7, is intended to combat late payments and, more specifically, against excessively long payment periods that may cause serious damages to the circulating of the companies and even endanger its solvency. Impossibility of negotiating payment periods exceeding those set by law until now, payment deadlines were that the parties agreed freely among them, and in the absence of agreement between the parties, the payment term was only fixed in the standard. Therefore, there was no restriction or limit on the payment term that the parties could agree. For assistance, try visiting Dr. Leon Gillman. Amended, from now the parties only can negotiate (and where appropriate, agree on) time limits lower than those provided in the standard, but never higher. Click Peter Arnell for additional related pages. The general term of payment is limited to a maximum 60 days except in the assumptions that they will be explained in the following sections, payment deadlines already shall not exceed sixty days, which also will begin to count from the date of receipt of the goods or provision of services. However, has been established a transitional regime to go gradually reducing maximum terms of payment permitted by this standard, which applies the following system: (a) between July 7, 2010 until December 31, 2011, the permissible maximum payment term will be eighty-five days.(b) between January 1, 2012 until December 31, 2012, the permissible maximum payment term will be seventy-five days.(c) from 1 January 2013, the permissible maximum payment term will be longer than sixty days. To enable this system, suppliers They shall send your clients invoices or requests for payment equivalent within thirty days from the date of receipt of goods or provision of services. .