LAW OF UKRAINE

of November 22, 1996 No. 543/96-BP

About responsibility for untimely accomplishment of monetary commitments

This Law regulates contractual legal relationship between payers and receivers of money concerning responsibility for untimely accomplishment of monetary commitments. Subjects of the specified legal relationship are the companies, organizations and the organizations irrespective of patterns of ownership and managing, and also physical persons - subjects of business activity. Operation of this Law does not extend much charges and payments of penalty fee, penal and financial sanctions for untimely tax payment, the tax credit and other payments in budgets of all levels and off-budget funds provided by the current legislation of Ukraine and also to the relations concerning responsibility of subjects of money transfer through payment systems.

Article 1. Payers of money pay to advantage of receivers of these means for payment delay penalty fee in the amount of, established in the consent of the parties.

Article 2. it is excluded

Article 3. The size of penalty fee, the stipulated in Article 1 this Law, is estimated from the amount of overdue payment, but cannot exceed the double discount rate of the National Bank of Ukraine operating during the period for which the penalty fee is paid.

Article 4. The penalty fee for untimely accomplishment of monetary commitments or for delay of cash receipts into the customer account of bank - the receiver of money which is added and is not paid on the date of entry into force of this Law in the consent of the parties can be listed for the period actions of term of limitation period, but the size it shall not exceed the double discount rate of the National Bank of Ukraine operating during the period for which the penalty fee is charged. The amount of reduction of the size of penalty fee belongs on results of financial and economic activities of the receiver of money, and rather public institutions and organizations financed for the budget account - on reduction of their financing.

Article 5. Declare invalid the Resolution of the Verkhovna Rada of Ukraine of December 24, 1993 "About responsibility for untimely accomplishment of monetary commitments" (Sheets of the Verkhovna Rada of Ukraine, 1994, N 14, the Art. 83).

Article 6. To the Cabinet of Ministers of Ukraine and the National Bank of Ukraine to bring the decisions into accord with this Law.

Article 7. This Law becomes effective from the date of publication.

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