Blog: France's retail reform looks good on paper...
Dean Best | 25 July 2008
Continental legislators have a gift for sweeping their most controversial acts under the carpet on their way out for the holidays.
This week, the French parliament has ended its session by rolling out the final version of its law to modernise the economy (LME).
Supermarket suppliers will be relieved to know that they will be required to trade to a written contract next year, even if they will have to invoice at fully net prices. With luck the contract will be one that they helped to draft, although some retailers have in the past thoughtfully brandished ready-to-sign agreements during negotiations, without so much as a duplicate copy to take home.
There will be a 60-day limit on invoice settlements (or end of month + 45 days). A stray amendment made that invoice date plus 60 days, not the delivery date.
There are previous cases where retailers have asked for late invoices, but with luck the contract will have covered payment terms...
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