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Friday, 19.04.2024, 04:58
Latvian parliament passes law to protect suppliers from unfair retail practices
BC, Riga, 21.05.2015.
Print version
Print versionLatvian Saeima passed in the final reading today a law prohibiting unfair retail practices in order to balance out interests of retailers and suppliers. The law prohibits retailers from applying a number of requirements on suppliers, informs LETA.
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The new regulation stipulates that retail traders' agreements with suppliers may not include unreasonably long settlement terms, and that retailers may not change orders of food products two days before delivery, or later.
A settlement term, for example, for fresh vegetables and berries that are supplied at least three times a week, will be considered unreasonably long if it exceeds 20 days since the delivery. A term for goods which expire in 25 days will be considered unfair and unreasonably long if it exceeds 30 days since the delivery.
The law also stipulates punishment in the amount of up to 0.2% of net turnover in the last reporting year, but no less than EUR 70.
The law will come into force in 2016.
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