Section 2: Payment terms

Late payment occurs when the sums due to the creditor, who has fulfilled his legal and contractual obligations, are not paid by the contracting authority on the due date stipulated in the contract or on expiry of the payment period.

From the day following the expiry of the payment period or the due date stipulated in the contract, late payment shall give rise, ipso jure and without further formality, to interest on arrears, the rate of which shall be set by regulation.It shall give rise, under the conditions set out in this sub-section, to interest on arrears, a fixed indemnity and, where appropriate, additional compensation paid to the creditor by…

Any waiver of payment of default interest shall be deemed unwritten.