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Late Payments

Late Payments in Commercial Transactions

The issue of “late payment in commercial transactions is governed by the European Communities (Late Payment in Commercial Transactions) Regulations 2012.

Late Payment Interest Rate

The European Communities (Late Payment in Commercial Transactions) Regulations 2012 provide that “interest” shall be payable in respect of a late payment.

Compensation for Recovery Costs

The European Communities (Late Payment in Commercial Transactions) Regulations 2012 provide that where late payment interest falls due in respect of a payment, in addition to this amount, the supplier is also automatically entitled to “compensation for recovery costs”, without the necessity of a reminder.

Prompt Payment Returns

It is a Government requirement that all central Government Departments, the Health Service Executive, the local authorities and all other public sector bodies (excluding commercial Semi-State bodies) pay their suppliers within 15 calendar days of receipt of a valid invoice.

Prompt Payment Code of Conduct

 Enterprises of all sizes in Ireland can now become signatories to the Prompt Payment Code of Conduct through the website www.promptpayment.ie

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