Krasnodar, 23 July. Customers may have to pay penalties if they fail to pay for the goods ordered from small and midsize business entities. This is the essence of the amendments to the Administrative Code recently approved in the first reading by the State Duma.

“If introduced, the penalties for overdue payments under contracts with small and midsize businesses may lower their risks,” Svetlana Bessarab, an MP from Krasnodar krai, commented. “Delays in the payment deadlines quite often result in delays with paying wages to the suppliers’ staff, failures of other contracts, late payments of taxes and insurance fees. Currently, according to the general procedure of business conduct, the contractual parties may establish payment terms by themselves. However, it is known that he that has the money has what he wants, which is why such contracts often do not provide for any additional liability. When the new bill is adopted, customers that are delaying their payments can be fined: office holders by 30,000 to 50,000 roubles, and legal entities by 50,000 to 100,000 roubles.

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