Guide to Going Global - Payment Terms
Insights into commercial contracts across key jurisdictionsNavigating the intricate web of contractual obligations across diverse jurisdictions is a challenge for any lawyer crafting a commercial agreement. Beyond the legal terms expressly set out in a contract, a broad range of implied terms may also apply to the document, impacting how the contract operates.
In this guide, curated by DLA Piper’s contract law teams across jurisdictions, we shine a spotlight on the ‘payment term' clause that sets out the number of days for payment - a clause of vital importance and one that requires careful consideration in the drafting, regardless of which jurisdiction applies to the terms of the contract.
This guide isn't your typical legal roadmap; it's designed to steer you through the labyrinth of international legal intricacies. We have distilled insights into payment term clauses, late payment penalties and the potential sanctions within each jurisdiction. Consider this your introduction that lays the groundwork for more thorough legal advice.
As the legal landscape regarding payment terms evolves, for instance with EU law changes on the horizon that will impact how payment terms in contracts relating to EU Member States must be drafted, this guide provides a helpful snapshot of the law at this current time.
For those seeking a deeper dive, connect directly with the team behind this guide or reach out to your regular DLA Piper contact.
