Abstract

The article is a continuation of the discussion on interest in the context of the amendment which came into force as of 1 January 2016. The series was initiated in „Monitor Prawniczy” No. 2016 which outlined the basic framework of current regulations, including the new terms relating to the issue of interest introduced to the Civil Code and the Act of 1/2016 March 8.3 on payment terms in commercial transactions. This article discusses the regulation of interest in professional relations provided for in the Act on payment terms in commercial transactions with special focus on changes introduce by the Act of 9 October 2015 amending the Act on payment terms in commercial transactions, the Civil Code and certain other acts. It outlines the origin and general matters of the Act on payment terms in commercial transactions in the context of the amendment, and then discusses the problem of so-called extension interest.

The solutions contained in the Act on payment terms in commercial transactions are meant to combatting negative effects of late payments in business relations. The aim is to eliminate payment backlogs by eliminating delays in payment. In additions, the legislator encourages business partners to apply short terms of payments by statutorily limiting maximum terms of payment and obliging the debtor enjoying the so-called buyer’s credit to pay extension interest. Those provisions are of the iuris cogentis nature. They reflect the objectives followed by the EU legislator when issuing Directive 2000/35/EC, and then Directive 2011/7/EU.