Payment Terms Legislation In Chile

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Chile

Please scroll down for a summary of payment terms in Chile and the various industries across which payment term legislation appears.

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Industries Laws Codes Notes Interest Rate
Government
Comm_terms_law
Construction
Manufacturing
Retail_agriculture
Services

Laws

The 30 Day Payment Law in Chile, which came into force from April 2020 for the private sector, sets a maximum term for all public and private contracts at 30 days unless both parties agree otherwise in writing.

Government Comm_terms_law Construction Manufacturing Retail_agriculture Services
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Interest Rate

Penalty for late payment of commercial transactions includes 1% commission of the unpaid amount, as well as statutory interest rate for monetary obligations. The Commission for the Financial Market (CMF) publishes the current monetary obligation interest rates based on provisions of article 7 of Law No. 18,010.

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