Cap. 13 ст. 26CInterest in the case of late payment in transactions between undertakings.

(1) In the case of transactions between undertakings, the creditor shall be entitled to interest for late payment, without the need of a reminder, to the extent that it:

(a) has fulfilled its contractual and legal obligations; and

(b) has not received the amount due on time, unless the debtor is not responsible for the delay.

(2) The creditor may proceed with the claim of interest for late payment against the debtor without reminding the debtor that the amount is due.

(3) On fulfilment of the conditions under sub-article (1), the creditor shall be entitled to interest for late payment from the day following the date or the end of term for payment fixed in the contract:

Provided that when the date or term for payment is not fixed in the contract, the creditor shall be entitled to interest for late payment upon the expiry of any of the following time limits:

(a) thirty calendar days following the date of receipt by the debtor of the invoice;

(b) thirty calendar days after the date of receipt of the goods or services, when the date of the receipt of the invoice is uncertain;

(c) thirty calendar days after the date of the receipt of the goods or services, when the debtor receives the invoice earlier than the goods or services;

(d) thirty calendar days after the date when according to law as agreed or in the contract the product has to be ascertained or verified, and the debtor receives the invoice earlier or on the date on which such acceptance or verification takes place:

Provided further that the parties to a contract may expressly agree in the contract to extend the thirty calendar day period under paragraph (d) to a longer period, so long as the extension of time is not grossly unfair to the creditor.

(4) Irrespective of any other law, the period for payment fixed in a contract may not exceed sixty calendar days: Provided that the parties may expressly agree for a longer period, so long as the extension of time is not grossly unfair to the creditor.

(5) The applicable reference rate for:

(a) the first semester of the year concerned shall be the rate in force on 1 January of that year;

(b) the second semester of the year concerned shall be the rate in force on 1 July of that year.