Late payment interest in Spain between businesses

General information only, not legal advice.

Scope

Law 3/2004 applies to commercial transactions between businesses and between businesses and public authorities. It does not protect consumers.

Payment terms

Thirty days by default from delivery or from receipt of the invoice, extendable by agreement up to sixty days if not grossly unfair to the creditor.

Interest rate

Unless a lawful rate is agreed, default interest equals the ECB main refinancing rate in force before the start of each half year plus eight percentage points.

Compensation

A fixed 40 euros per invoice for collection costs, plus further proven costs above that amount.

Unfair terms

Clauses that are grossly unfair on payment terms, interest or collection costs are void.