Karanovic & Nikolic

New consequences for late payments in commercial transaction

The Serbian Parliament passed the Law on the Terms for the Settlement of Monetary Obligations in Commercial Transactions on 15 December 2012 (the “Law”). The Law is based on Directive 2011/7/EU. The Law will come into force tomorrow the 25 December 2012 and will be practically applied from 31 March 2013.

The most important provisions of the Law include the following which you should pay attention to:

The Law applies to the settlement of monetary obligations arising from commercial transactions between business entities and between business entities and the public sector; 

It introduces a limitation of contractual freedom in commercial transactions: The maximum period for payments in commercial transactions between business entities is limited to 60 days. The Law makes two exceptions to this general rule: (i) where the payment is agreed in installments, the payment period is extended to 90 days, whereby at least 50% of the monetary obligation has to be paid within the first half of the agreed payment period; and (ii) if the agreed period exceeds 60 days, then the debtor is obliged to provide a bank guaranty (unconditional, irrevocable and payable on first demand without the right to object) or a bill of exchange guaranteed by the bank, as a form of security for the payment of the debt…

Click on the link below to read the rest of the Karanovic & Nikolic briefing.


Sign in or Register to continue reading this article

Sign in


It's quick, easy and free!

It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.

Register now

Why register to The Lawyer


Industry insight

In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.


Market intelligence

Identify the major players and business opportunities within a particular region through our series of free, special reports.


Email newsletters

Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.

More relevant to you

To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.

Briefings from Karanovic & Nikolic

View more briefings from Karanovic & Nikolic

Analysis from The Lawyer

View more analysis from The Lawyer


Resavska 23

Number of fee earners: 80
Number of lawyers: 80
Number of Partners: 16