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Late Payment

   Also found in: Legal 0.02 sec.
Late Payment
A payment made after the grace period stipulated in the note,usually 10-15 days.


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Dealing with private entities while facing the problems of the late payments, the "Law on the prevention of the late payment in commercial transactions" should be taken into account.
Late payment legislation is a useful tool for businesses, both to deter late payment, and to obtain compensation from debtors when it becomes unavoidable.
At a time when credit is being squeezed and banking facilities are a precious resource, late payment by customers can be the straw that breaks the camel's back.
 
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