Seeking interest rates in trade transactions

Trade transactions are contracts whose object is charged delivery of goods or charged performance of services provided that the parties to such contract have concluded it with relation to the economic or professional activity conducted by them. If the parties did not provide for the payment due date in the contract or if they provided for such a payment due date longer than 30 days, a creditor may demand statutory interest rates for the period from 31st day upon having performed its service and upon having supplied an invoice or receipt to the debtor up to the payment date; nevertheless, not longer than up to the invoice due date. If the debtor failed to perform its service within the time agreed or upon a written call for payment in the event of lack of payment due date, the creditor is entitled to demand paying the interest rates from the due date to the payment date equal to revenue interest rates, which are interest rates which are referred to in the Tax Ordinance unless the parties have agreed otherwise. Currently, a statutory interest rate is 13% per annum, and revenue interest rate is 14.5% per annum. In the event of exceeding the payment due date in trade transactions it is possible to demand paying interest rates even when an invoice due date has not been reached! The interest rate claims are sought together with an amount of main amount due in legal proceedings and in the absence of payment, despite court judgment or payment order, amounts due are executed by a court enforcement officer in enforcement proceedings. It is also possible to seek a capitalised sum of interest rates for a given period of time in the court. In such a situation it is permissible to calculate interest rates on a capitalised sum of interest rates. The law supports suppliers and service providers; yet, seeking claims in court is a long and arduous process where the winner is the stronger one. Thus, it often happens that despite the apparent right of suppliers and service providers who represent themselves in the court they lose against large contracting parties who are represented by large law offices. Duraj & Reck and Partners Law Office offers comprehensive legal services within the scope of judicial inquiries, seeking claims with interest rates calculated in accordance with the Act on payment due dates in trade transactions and collection of debts adjudicated. We are flexible in establishing our remuneration; we eagerly agree on a success-dependent fee.