Payment Terms Legislation In Spain
Please click here to view payment terms for the European Union.
Act 15/2010 on measures to combat late payments in commercial transactions enacts the EU Late Payments Directive (see European Union for details). Additionally a strict maximum term of 60 days applies.
Law 7/1996 on the Regulation of Retail Trade sets a maximum term of 30 days for fresh and perishable food products and 60 days for other goods, except where the parties have explicitly agreed otherwise. If longer terms are agreed the supplier must be financially compensated for the extension, and under no circumstances may the payment be deferred for more than 90 days.
The SME Confederation (CEPYME) promotes The Code for Good Practices to Avoid Late Payments.
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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