Breaking news

Maximum payment term in commercial transactions under Belgian law as from 1 February 2022 – The Belgian legislator has adopted new rules on combating late payments in commercial transactions. As of 1 February 2022, a maximum payment term of 60 calendar days shall apply to all commercial transactions governed by Belgian law, irrespective of the size of the parties. The term is in principle calculated as from the day following receipt of the invoice. Payment terms exceeding this maximum will be reduced to the default payment term of 30 days, and interest shall accrue as from the 31st day. To avoid circumvention of the new maximum payment term, the new rules provide that the date of receipt of the invoice cannot be fixed by means of an agreement between the parties. In addition, any procedure for acceptance or inspection must be included in the payment term and may not lead to the new maximum payment term being exceeded. Not sure what this means for your business? Contact our commercial team for any questions you may have! #breakingnews #commerciallaw #paymentterm #thecontrastisclear