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Payment Terms Legislation In Korea, South

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Korea, South

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

LAWS

The Ministry of Strategy and Finance General Conditions of a Construction Contract with state entities requires construction subcontractors to submit invoices every 30 days with payment within 5 days of compliance sign-off.

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