Antwerp new Act on late payments!
Diamond sector granted an exception!
In their important note, Antwerp World Diamond Centre (AWDC) referred that, on August 14, 2021, the law of August 2, 2002 on combating late payment in commercial transactions was amended.
This legislative change has ensured that payment terms in commercial transactions, applicable to all companies, may never exceed 60 days. The amendment to the law entered into force on 1 February 2022. However, the law provides that the government has the possibility to grant a sectoral exception.
Since this legislative change has negative consequences for the Belgian diamond sector, AWDC has ensured that the diamond sector in Belgium is the only sector that has been granted an exception via Royal Decree.
AWDC is therefore announces that, based on the Royal Decree 12.06.2023, longer payment terms of up to 180 days are still allowed, which in concrete terms means that Belgian registered diamond traders may use these longer payment terms of up to 180 days on their sales of diamonds to Belgian and foreign customers (excluding sales to consumers which has no limitation).
AWDC said, “Note that any stipulation that provides for a payment term longer than 180 days will be deemed not to have been written.”
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