Payment Terms Legislation In Slovakia

Act 513/199 amended the Commercial Code, articles 340a and 340b, to enact the EU Late Payment Directive (see European Union for details).

Act no. 91/2019 on Unfair Conditions in the Food Trade and on Amendments to Certain Acts, along with amendments from Act no. 219/2021, enact the EU UTP in the supply chain directive in Slovakia (see European Union for details). In addition payment terms for food products are restricted to 30 days from invoice if the invoice is received within 10 days after delivery. If the invoice is received more than 10 days after delivery the maximum payment term is 20 days. For selected foods – for immediate consumption – the term is 15 days from invoice. The law does not set any size threshold for buyers and suppliers.

See European Union for the Directive on Unfair Trading Practices in the Food Supply Chain which was adopted on 30 April 2019.

Default late payment penalty interest in commercial contracts is the European Central Bank refinancing rate, set semi-annually, plus 8%. Alternatively the European Central Bank rate on the first day of delay plus 9% can be used. This is default interest only. Higher and lower rates can be negotiated in commercial contracts.