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Please see below for a summary of payment terms in Iceland and the various industries across which payment term legislation appears. You can also download a summary of all Icelandic payment terms by clicking the button below.
Industries Laws Codes Notes


As a member of the European Economic Area, Iceland has enacted the EU Late Payment Directive in law No. 8/2015 – Act on late payment in commercial transactions. (See European Union for details)

  • Construction
  • Manufacturing
  • Retail/Agriculture
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