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Payment Terms Legislation In South Africa
South Africa
Please see below for a summary of payment terms in South Africa and the various industries across which payment term legislation appears. You can also download a summary of all South African payment terms by clicking the button below.
| Industries | Laws | Codes | Notes | Interest Rate |
|---|---|---|---|---|
| Government | ||||
| Comm_terms_law | ||||
| Construction | ||||
| Manufacturing | ||||
| Retail_agriculture | ||||
| Services |
LAWS
Treasury Regulation 8.2.3 requires the government to pay suppliers within 30 days.
CODES
Run by the National Small Business Chamber of South Africa the Prompt Payment Code champions the importance of big business and government paying small suppliers within 30 days.
NOTES
The Construction Industry Development Board Act limits ‘pay when paid’ clauses and provides for adjudication and resolution time limits but does not specify a maximum term.
- Construction
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