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The State Council has just issued the Regulations on Guaranteeing Payment of Funds

release time:2020-11-19 visitor

The Regulations on Payment Protection for small and Medium-sized Enterprises (Decree no. 728 of the State Council of the People's Republic of China) has just been formally promulgated and will take effect on September 1, 2020.

To ensure the timely payment of overdue payments by smes, the Ordinance stipulates that:

State organs and institutions shall, within 30 days from the date of delivery of goods, construction and services purchased from small or medium-sized enterprises, make payment;If otherwise agreed in the contract, the maximum payment term shall not exceed 60 days.

If the construction unit is required to put up funds for the government-invested project, the government organ or institution shall be investigated for responsibility.

It shall not change the legal representative or the main person in charge, perform the internal payment process, or refuse or delay the payment of small and medium-sized enterprises on the grounds of waiting for the approval of completion acceptance or final account audit, etc. without the agreement in the contract.

State organs, public institutions and large enterprises that delay in making payments to small and medium-sized enterprises shall pay overdue interest.If both parties agree on the interest rate of overdue interest, the agreed interest rate shall not be lower than the one-year loan market quotation rate at the conclusion of the contract;If no agreement is made, the overdue interest shall be paid at the daily interest rate of 0.05%.

The payment of small and medium-sized enterprises by non-cash payment methods such as commercial draft shall be clearly and reasonably stipulated in the contract. The small and medium-sized enterprises shall not be forced to accept non-cash payment methods such as commercial draft, and the payment term shall not be extended in a disguised way by using non-cash payment methods such as commercial draft.

The audit results of audit institutions shall not be compulsory required as the basis for settlement of accounts, except as otherwise agreed in the contract or provided for by laws or administrative regulations.

The margin shall not be limited to cash.If a small or medium-sized enterprise provides a guarantee by a financial institution, the state organ, public institution or large enterprise shall accept the guarantee.

Small and medium-sized enterprises shall, when concluding contracts with government organs, institutions and large enterprises, take the initiative to inform them that they belong to small and medium-sized enterprises.In case of any dispute over the size type of the small and medium-sized enterprise, an application for recognition may be filed with the department of the local people's government at or above the county level in charge of the comprehensive administration of the promotion of the small and medium-sized enterprise where the party claiming to be the small and medium-sized enterprise is located.

The relevant trades, associations and Chambers of commerce shall prohibit large enterprises in their respective trades from taking advantage of their advantageous position to refuse or delay payment to small and medium-sized enterprises.

State organs, public institutions and large enterprises may not require small and medium-sized enterprises to accept unreasonable payment terms, methods, conditions, liabilities for breach of contract and other transaction conditions, and may not default on payments for goods, construction or services of small and medium-sized enterprises.

The use of financial funds by small and medium-sized enterprises to purchase goods, construction projects and services shall be carried out in strict accordance with the approved budget and shall not be carried out without or over budget.

State organs and public institutions shall, before March 31 of each year, disclose information such as contract quantity and amount of overdue payments to small and medium-sized enterprises of the previous year through websites, newspapers and other means for the public to know.



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