Interpretative Decision No. 3 of 18 May 2012 in interpretative case No. 3\/2011 explains the term \u201cperiodic payment\u201d in Article 111(c) of the Obligations and Contracts Act. It means performance of recurring obligations to pay money or deliver other fungible things, arising from a single legal event. Payments fall due at predetermined intervals and their amounts are fixed or ascertainable from the outset. The intervals need not be equal and the payments need not be identical.<\/p>\n
Under Article 114(1) of the Act, the limitation period begins on the day the claim becomes due. Claims for periodic payments are subject to a three-year limitation period.<\/p>\n
Under Article 303a(3) of the Commerce Act, if no payment period has been agreed, the monetary obligation must be performed within 14 days of receipt of the invoice or other demand for payment. The second sentence provides that if the date of receipt of the invoice or demand cannot be established, or if it was received before the goods or service, the period runs from the day following receipt of the goods or service.<\/p>\n
This article does not provide a legal opinion or advice about any particular person or situation. For assistance with an individual case, consult a lawyer practising in commercial law.<\/em><\/p>\n \u00a0<\/em>
\n