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Subcontractor payments within 60 days to be enforced in Japan from November to protect SMEs

By Sachiko Sakamaki ( April 30, 2024, 08:30 GMT | Insight) -- Japanese companies were told today by the regulators for antitrust and small- and medium-size enterprises that they have six months to prepare for shorter payment terms of 60 days to their subcontractors. From Nov. 1, companies must set the maturity terms of notes payable for their subcontractors at 60 days or shorter, or they could be subject to a subcontract-law enforcement. This marks a shift from the current rules, introduced more than half a century ago, to pay by notes payable to the textile industry within 90 days and other industries within 120 days.Japanese companies were told today by the antitrust regulator and the small- and medium-size enterprise regulator that they have six months to prepare for shorter payment terms of 60 days to their subcontractors. From Nov. 1, companies must set the maturity terms of notes payable for their subcontractors at 60 days or shorter, or they could be subject to a subcontract-law enforcement....

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