Payment Terms Legislation In Turkey

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Turkey

Please scroll down for a summary of payment terms in Turkey 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

Article 1530 of Turkish Commercial Code 6102, Results of Late Payments in Processes Prohibited by Commercial Provisions and Supply of Goods and Services, sets a 30 day default term for private commercial trade where no term is specified in contract. The maximum commercial contract term is 60 days unless otherwise agreed and not a severe injustice. For payments to SMEs, agriculture or animal producers the maximum term is strictly 60 days.

Government Comm_terms_law Construction Manufacturing Retail_agriculture Services
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Article 7 of the Law on the Regulation of Retail trade sets a maximum payment term of 30 days for good which can spoil within 30 days.

Comm_terms_law Retail_agriculture
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Interest Rate

Paragraph 7 of article 1530 of the Turkish Commercial Code states that late payment interest must be at least 8% above the default interest rate for commercial transactions specified in Law no. 3095.

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