It happens that the buyer does not pay for the goods on time. In this case, the seller may receive additional financial compensation if the contract provides for penalties.🤑 Sanctions are different. The most common are fines or penalties. Together they are also called a penalty.
Often when the parties enter into a contract, they do not pay enough attention to the responsibility for late payment. As a result, it further complicates the imposition of penalties. Therefore, this should be considered at the stage of preparation of the contract.
How to properly prescribe penalties? We clearly call the type of sanction
It happens that the parties confuse the fine and penalty with each other. Fine - is a certain percentage of the amount of debt accrued for each day of delay.
Fine Is a fixed amount for a specific violation.
It should be remembered that a fine and a penalty cannot be imposed for the same violation.
The amount of the penalty may not exceed double the NBU discount rate
The discount rate of the NBU often changes. It is currently 6%. Accordingly, the amount of the penalty for one day of delay may not exceed 0.03% of the amount of the debt.
Even if the parties specify a larger amount in the contract, it can be obtained only if the debtor pays it voluntarily.
We extend the statute of limitations
The penalty can be collected only within 1 year from the date of its accrual. At the same time the parties have the right to increase this term. However, this must be specified in the contract.
Indicate the period of accrual of the penalty
As a general rule, penalties cease to accrue after 6 months. However, this period can be extended by explicitly stating this in the contract.
By following these quick tips, the seller can secure additional compensation if he has to wait for payment longer than agreed. Therefore, be careful at the stage of preparation of the contract.
