On 31 December, 2004, Law 3/2004, which established measures to combat late payment in commercial transactions, came into effect. The law incorporates Directive 2000/35/EC of the European Parliament and of the Council of 29 June into the Spanish legal system. The provisions necessary to comply with this directive were to have been implemented in Spain prior to 8 August, 2004. For this reason, the law will be applied retroactively to all contracts that are signed after that date.
The law applies to all payments made as remuneration for commercial transactions, including transactions between companies, between companies and public authorities, or between main contractors and their suppliers and subcontractors. The law does not affect payments where consumers are involved, or the calculation of interest rates in insolvency proceedings or in currency exchange proceedings.
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