Contents
- 1. Member States shall ensure that, in commercial transaction…
- 2. Member States shall ensure that the applicable reference r…
- 3. Member States shall ensure that in commercial transactions…
- 4. Member States may extend the time limits referred to in po…
- 5. Member States shall ensure that the maximum duration of a…
- 6. Member States shall ensure that the period for payment fix…
1.Member States shall ensure that, in commercial transactions where the debtor is a public authority, the creditor is entitled upon expiry of the period defined in paragraphs 3, 4 or 6 to statutory interest for late payment, without the necessity of a reminder, where the following conditions are satisfied:
(a)the creditor has fulfilled its contractual and legal obligations; and
(b)the creditor has not received the amount due on time, unless the debtor is not responsible for the delay.
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