In the future, payment for delivery must be made within 60 days even for direct purchase transactions

Amendment to the Act on Large-scale Retail Business Passed in the National Assembly Plenary Session

The Act on the Punishment of Stalking Crimes passed the National Assembly plenary session on the 24th. Photo by Yoon Dong-ju doso7@

[Sejong=Asia Economy Reporter Joo Sang-don] From now on, large-scale retailers must pay suppliers within 60 days from the date of receipt of goods. Violations will result in corrective orders or fines.

On the 24th, the Fair Trade Commission announced that the amendment to the "Act on Fair Transactions in Large-scale Retail Business" containing these provisions has passed the plenary session of the National Assembly.

The revised Large-scale Retail Business Act includes provisions to address existing legal gaps, such as establishing a payment deadline for direct purchase transactions and expanding the scope of the prohibition on restricting business hours.

First, when a large-scale retailer receives goods through a direct purchase transaction with a supplier, it must pay the price of the goods within 60 days from the date of receipt. In addition, if the payment deadline for direct purchase transactions is exceeded, delayed interest must be paid. Payment of the price and interest in gift certificates or goods is prohibited.

Large-scale retailers who violate these regulations may be subject to corrective orders for payment of the price or fines. This provision applies from the time large-scale retailers receive goods through direct purchase transactions after the law takes effect.

The amended law also prohibits large-scale retailers from refusing requests to shorten business hours made by sales consignees, as well as store tenants, within the minimum necessary scope. In particular, if unavoidable reasons such as the outbreak or treatment of disease arise and the sales consignee requests the large-scale retailer to shorten business hours within the minimum necessary scope, failure to allow this may constitute a violation of the law.

The amended bill passed by the National Assembly this time will be promulgated after procedures such as government transmission and the Cabinet meeting. The amendment will take effect six months after the date of promulgation.

This content was produced with the assistance of AI translation services.