The period for the Member States integrate the Directive 2011/7/EU for combating late payment in commercial transactions terminated on March 16, 2013. 

According to the Directive: 

•  Public authorities must pay for the goods and services that they acquire within 30 calendar days or, in very special circumstances, within 60 calendar days;
•  Companies should pay their invoices within 60 calendar days, unless they expressly agree otherwise and if it is not grossly unfair to the creditor;
• Companies are automatically entitled to claim interest for late payments and can also automatically obtain a minimum fixed amount of €40 as a compensation for recovery costs. They can also claim compensation for all remaining reasonable recovery costs;
• The statutory interest rate for late payment is increased to at least 8 percentage points above the European Central Bank's reference rate. Public authorities are not allowed to fix an interest rate for late payment below this threshold;
• Companies can challenge grossly unfair terms and practices more easily before national courts.  

The provisions set forth in the Directive are only mandatory to the State. The parties from the private sector are free to fix different payment deadlines. 

The Directive 2011/7/EU is a result of the recognition by the EU of the economic importance of small and medium companies and the economic impact of delays and non-payments of the invoices issued by that companies. 

The aim of the above mentioned measures is to encourage the compliance with payment deadlines, avoid disputes between the parties and encourage economic growth and employment.