Payment Terms Legislation In Russia

Article 314 of the Civil Code of the Russian Federation requires payment within 7 days of a request where no term exists in contract.

Federal Law 381-FZ, part 7 of article 9 requires retailers to pay for food products with expiration of less than 10 days within 8 working days. Products with a shelf life of 10 to 30 days inclusive are payable no later than 25 days. For food with a shelf life of more than 30 days and alcoholic beverages, the deadline for payment is 40 days.

Federal Law 44-FZ On the contract system in the field of procurement of goods, works, services to meet state and municipal needs article 34 part 13.1 requires government institutions to pay within 7 days of acceptance of goods. Suppliers must also pay subcontractors within 7 days.

If no other rate is agreed in contract then the statutory interest for commercial late payments is the key rate of the Bank of Russia.