Payment Terms Legislation In Hungary
Please click here to view payment terms for the European Union.
The Hungarian Civil Code enacts the EU Late Payment Directive, specifically Section 6:130 (see European Union for details). In addition this code strictly limits commercial terms at 60 days.
Law XCV of 2009 on the prohibition of unfair distribution practices by suppliers in relation to agricultural and food products sets a maximum payment term of 30 days from the actual delivery of the food or 15 days from receipt of the invoice.
The Code of Ethics for Construction Entrepreneurs applies to construction entrepreneurs registered with the Hungarian Chamber of Commerce and Industry (MKIK) and prohibits the misuse of a dominant position by a primary contractor as well as unfair or unilateral payment terms.
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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