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Payment Terms Legislation In Colombia

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Colombia

Please see below for a summary of payment terms in Colombia and the various industries across which payment term legislation appears. You can also download a summary of all Colombian payment terms by clicking the button below.
Industries Laws Codes Notes Interest Rate
Government
Comm_terms_law
Construction
Manufacturing
Retail_agriculture
Services

LAWS

The Payment in Fair Terms in the Commercial Field Law 2024 of July 2020 sets a maximum payment term of 45 days for all commercial contracts. There is a one year transition period with a maximum term of 60 days.

  • Construction
  • Manufacturing
  • Retail_agriculture
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The information contained on this site is for general guidance on matters of interest only. The application and impact of laws can vary widely based on the specific facts involved. Given the changing nature of laws, rules and regulations, the information on this site is provided with the understanding that the authors and publishers are not engaged in rendering legal, accounting, tax, or other professional advice and services. As such, it should not be used as a substitute for consultation with professional accounting, tax, legal or other competent advisers.

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