Payment Terms Legislation In Lithuania

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Lithuania

Please scroll down for a summary of payment terms in Lithuania 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

Law on the Prevention of Late Payment in Commercial Transactions enacts the EU Late Payment Directive (see European Union for details). Additionally any terms beyond 60 days which are ‘unfair’ as opposed to ‘grossly unfair’ are not acceptable.

Government Comm_terms_law Construction Manufacturing Retail_agriculture Services
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Law of the Republic of Lithuania on the Prohibition of Unfair Commercial Practices in the Agricultural and Food Supply Chain updated the previous Law on Settlement for Agricultural Products, enacting the EU UTP in the supply chain directive in Lithuania (see European Union for details).

Comm_terms_law Retail_agriculture
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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 default late payment penalty interest rate is the overnight repo interest rate set by the Bank of Lithuania, plus 8%.

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