- Public authorities will be required to pay suppliers within 30 calendar days of receipt of an undisputed invoice
- For business to business payments, the period for payment fixed in the contract should not exceed 60 days, unless otherwise expressly agreed and provided such terms are not grossly unfair
- There is a minimum €40 (approximately £31) for compensation (which is less than the current three tiered compensation).
- Suppliers will be able to claim additional costs for recovery such as using a professional debt collecting agency or instructing a lawyer.
Read the full story on the Pay on Time website
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