Payment Terms Legislation In Ireland

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Ireland

Please scroll down for a summary of payment terms in Ireland 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 European Communities (Late Payment in Commercial Transactions) Regulations 2012 enacts the EU Late Payment Directive (see European Union for details). Additionally, in practice government entities target payment within 15 days rather than 30.

Government Comm_terms_law Construction Manufacturing Retail_agriculture Services
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The Construction Contracts Act 2013 applies to contracts awarded after 25 July 2016. Main contractors are able to negotiate terms with clients however terms to subcontractors are limited to 30 days, or 14 days for work lasting less than 45 days.

Comm_terms_law Construction
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S.I. No. 198/2021 – European Union (Unfair Trading Practices in the agricultural and food supply chain) Regulations 2021 enacts the EU UTP in the supply chain directive in The Republic of Ireland (see European Union for details).

Comm_terms_law Retail_agriculture
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CODES

The Prompt Payment Code & Prompt Payment Portal launched in March 2015 with the aim of promoting best practice in prompt payment in line with agreed terms or a 30 day maximum.

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NOTES

See European Union for the Directive on Unfair Trading Practices in the Food Supply Chain which was adopted on 30 April 2019.

Retail_agriculture

Interest Rate

The minimum late payment interest rate is the European Central Bank rate, set every six months, plus 8%.

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