EU legislation: Late payments in commercial transactions

EU legislation:
Late payments in commercial transactions. The Commission has adopted a proposal for a Directive combating late payments in commercial transactions between enterprises of the private sector and between enterprises and the public sector. The general aim of the Directive is to encourage respect of payment periods and the proposed measures respect the principle of contractual freedom in the private sector.
Source: COM (98) 126 final (26.3.98); Press Release (European Commission), IP/98/291 (26.3.98)