Payment Terms Legislation In Spain

Act 15/2010 on measures to combat late payments in commercial transactions enacts the EU Late Payments Directive (see European Union for details). Additionally a strict maximum term of 60 days applies.

Law 7/1996 on the Regulation of Retail Trade sets a maximum term of 30 days for fresh and perishable food products and 60 days for other goods, except where the parties have explicitly agreed otherwise. If longer terms are agreed the supplier must be financially compensated for the extension, and under no circumstances may the payment be deferred for more than 90 days. Law 16/2021, of December 14, enacts the remaining provisions of the EU UTP directive and applies to all commercial arrangements where the price of goods is more than 2,500 euros. (see European Union for details).

The third additional provision in the Act 15/2010 requires all companies to include their average payment time to suppliers in their annual accounts. Listed companies must publish statistics on their website and unlisted companies must make the statistics available to their suppliers.

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

Article 7 of law 3/2004 applies default penalty interest rate at the European Central Bank refinancing rate, set every six months, plus 8%.