Credit & Capital
Business Payment terms
A company has cooperated with a supplier for over 30 years, with original payment terms of a 2% discount and net 20 days. Now the supplier has unilaterally changed the payment period to net 30 days without negotiation. This article analyzes its legality and provides recommendations from the perspectives of contract and commercial practice.
We purchased products off of a company for well over 30 years. Our business terms were 2% net 20 days. Now all of a sudden they want to switch the terms to Net 30 days. We were never consulted nor notified in any way. They just changed the terms on an invoice. Is that legal?
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