Payment Terms Legislation In Bulgaria
Please click here to view payment terms for the European Union.
The Commerce Act enacts the EU Late Payment Directive (see European Union for details). Additionally Article 303a, Sec. 3 Commerce Act, Bill for Amendment and Supplementation of the Commerce Act limits default terms in the absence of an agreement to 14 days from the date of receipt of the invoice, or from the date of delivery of the goods or services.
The Bulgarian Food Act sets a maximum payment term of 30 days for the purchase of foods intended for resale. The act also established a Consultative Council on the Better Functioning of the Food Supply Chain.
The Ethical Code by the Bulgarian Chamber of Commerce promotes the broad principles of fair market relationships and competition.
See European Union for the Directive on Unfair Trading Practices in the Food Supply Chain which was adopted on 30 April 2019.
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