Please see below for a summary of payment terms in Finland and the various industries across which payment term legislation appears. You can also download a summary of all Finnish payment terms by clicking the button below.
Please click here to view payment terms for the European Union.
The Act on Payment Terms for Commercial Contracts (as last amended in 2015 by Act 385/2015) enacts the EU Late Payment Directive (see European Union for details). Additionally Finish law sets a stricter maximum term of 30 days unless expressly agreed by both parties and not unfair. The Contracts Act 1929 further limits unfair contractual clauses.
The Food Market Act of 2018 (1121/2018) was amended by Act 116/2021 to enact the EU UTP in the supply chain directive (see European Union for details). In addition, rather than five company size tiers the law applies where the buyer is larger than the supplier by turnover, the supplier has turnover of less than €350 million and the buyer has turnover of more than €2 million. All contracts must be compliant by 1 May 2022.
The Board of Trading Practices in the Food Supply Chain promotes fair business practices in the sector. In addition, companies may request that the board issue a statement against a company which has shown unfair conduct.