According to the Directive, debts must be paid immediately unless otherwise agreed in the contract. If the contract stipulates a payment period, then the debt must be paid within this period. If the contract does not stipulate a payment deadline, then payment is considered late after 30 days. The creditor may demand that the debtor reimburse the efforts and expenses incurred in collecting the debt.
References
Academic.Tips. (2023) 'Explain the purpose and identify the main provisions of the Late Payment Directive 2011/7/EU'. 14 March.
Reference
Academic.Tips. (2023, March 14). Explain the purpose and identify the main provisions of the Late Payment Directive 2011/7/EU. https://academic.tips/question/explain-the-purpose-and-identify-the-main-provisions-of-the-late-payment-directive-2011-7-eu/
References
Academic.Tips. 2023. "Explain the purpose and identify the main provisions of the Late Payment Directive 2011/7/EU." March 14, 2023. https://academic.tips/question/explain-the-purpose-and-identify-the-main-provisions-of-the-late-payment-directive-2011-7-eu/.
1. Academic.Tips. "Explain the purpose and identify the main provisions of the Late Payment Directive 2011/7/EU." March 14, 2023. https://academic.tips/question/explain-the-purpose-and-identify-the-main-provisions-of-the-late-payment-directive-2011-7-eu/.
Bibliography
Academic.Tips. "Explain the purpose and identify the main provisions of the Late Payment Directive 2011/7/EU." March 14, 2023. https://academic.tips/question/explain-the-purpose-and-identify-the-main-provisions-of-the-late-payment-directive-2011-7-eu/.
Work Cited
"Explain the purpose and identify the main provisions of the Late Payment Directive 2011/7/EU." Academic.Tips, 14 Mar. 2023, academic.tips/question/explain-the-purpose-and-identify-the-main-provisions-of-the-late-payment-directive-2011-7-eu/.