Payment Terms Legislation In Romania

Law 72 of 28 March 2013, on measures to combat delays in the execution of obligations to pay sums of money resulting from contracts concluded between professionals and between them and contracting authorities enacts the EU Late Payment Directive (see European Union for details).

Several orders and decisions in the utilities service sector set out maximum payment terms of 10 or 15 days to suppliers in the sector depending on the nature of the contract. Orders no 483/2008 and 112/2007 of the National Authority for Regulation of Public Community Utility Services, order 90/2015 of Romanian Energy Regulatory Authority and decisions no 480/2004 and 183/2005 of the President of the Romanian Natural Gas Regulatory Authority.

LAW no. 81 of April 11, 2022 enacts the EU UTP in the supply chain directive, updating the previous LAW 321 on food marketing (See European Union for details). In addition to the standard UTP implementation, a maximum term of 14 days from the due date established in contract is set for perishable goods and a maximum term of 30 days for all other agricultural goods.

See European Union for the Directive on Unfair Trading Practices in the Food Supply Chain which was adopted on 30 April 2019.

Default penalty interest for commercial transactions is applied at the policy reference rate of the National Bank of Romania plus 4%. Where the interest relates to a foreign currency the rate is 6%.