Iberia: Setting the boundaries
On 31 December last year, measures to combat late payments in commercial transactions came into force in Spain. Josep Balcells explains the details
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.
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