What is Section 14 of the MSMED Act, 2006?
MSME Law Notes by NB Associates
Section 14 of the MSMED Act 2006 pertains to the establishment and administration of the Fund. It does not specifically relate to the recovery of outstanding amounts or interest.
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As per section 12 of the MSME Act, Central Government may by notification establish one or more fund for the promotion and development of MSME. In such fund the Central Government credit funds for the purpose.
Section 14 of the MSMED Act provides for the provision of Administration and utilisation of such fund or funds
Section 14 of MSME Act provides that :
(1) The Central Government shall have the power to administer the Fund or Funds in such manner as may be prescribed.
(2) The Fund or Funds shall be utilised exclusively for the measures specified in sub-section (1) of section 9.
(3) The Central Government shall be responsible for the coordination and ensuring timely utilisation and release of sums in accordance with such criteria as may be prescribed.
Section 14 of MSME Act reads as under:
14. Administration and utilisation of Fund or Funds.—(1) The Central Government shall have the power to administer the Fund or Funds in such manner as may be prescribed. (2) The Fund or Funds shall be utilised exclusively for the measures specified in sub-section (1) of section 9. (3) The Central Government shall be responsible for the coordination a
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How to get MSME complaint registered ?
MSME Law Notes by NB Associates
In India, there is a framework in place to address delayed payments to Micro, Small, and Medium Enterprises (MSMEs) called the Micro, Small, and Medium Enterprises Development (MSMED) Act, 2006.
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Under the MSMED Act, there are provisions to protect MSMEs from delayed payments by buyers, primarily in the context of supply of goods or services.
The Act defines the time period within which the buyer is required to make the payment to the MSME, which is generally 45 days from the date of acceptance of goods or services.
If the buyer fails to make the payment within this period, it becomes a case of delayed payment.
In case of delayed payments, an MSME can initiate a legal process against the buyer by filing an application with the Micro and Small Enterprises Facilitation Council (MSEFC).
This application or claim can also be filed through MSME Samadhan Portal
The MSEFC has the authority to inquire into the complaint and facilitate the settlement or pass an award for the recovery of the delayed payment along with interest.
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Section 18 of MSME Act – What is Section 18 of MSME Act
MSME Law Notes by NB Associates
In the Micro, Small, and Medium Enterprises Development (MSMED) Act, 2006, there is a provision for the establishment of Micro and Small Enterprises Facilitation Councils.
These councils are responsible for facilitating the resolution of disputes and grievances related to delayed payments or other disputes between the buyer and the micro or small enterprise.
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Section 18 of the MSMED Act deals with the followings :
1. Reference of disputes of delayed payment to Micro and Small Enterprises Facilitation Council [Section 18(1)]
2. Micro and Small Enterprises Facilitation Council conducting conciliation on receipt of reference [Section 18(2)]
3. Initiation of Arbitration proceeding, in case conciliation initiated under section 18(2) is not successful and stands terminated without any settlement between the parties. [Section 18(3)]
4. Micro and Small Enterprises Facilitation Council Territorial jurisdiction where reference of the dispute of delayed payment to be made. [Section 18(4)]
5. Provision that Every reference made to be decided within a period of ninety days from the date of a reference. [Section 18(5)]
18. Reference to Micro and Small Enterprises Facilitation Council.—(1) Notwithstanding anything contained in any other law for the time being in force, any party to a dispute may, with regard to any amount due under section 17, make a reference to the Micro and Small Enterprises Facilitation Council.
(2) On receipt of a reference under sub-section (1), the Council shall either itself conduct conciliation in the matter or seek the assistance of any institution or centre providing alternate dispute resolution services by making a reference to such an institution or centre, for conducting conciliation and the provisions of sections 65 to 81 of the Arbitration and Conciliation Act, 1996 (26 of 1996) shall apply to such a dispute as if the conciliation was initiated under Part III of that Act.
(3) Where the conciliation initiated under sub-section (2) is not successful and stands terminated without any settlement between the parties, the Council shall either itself take up the dispute for arbitration or refer it to any institution or centre providing alternate dispute resolution services for such arbitration and the provisions of the Arbitration and Conciliation Act, 1996 (26 of 1996) shall then apply to the dispute as if the arbitration was in pursuance of an arbitration agreement referred to in sub-section(1) of section 7 of that Act.
(4) Notwithstanding anything contained in any other law for the time being in force, the Micro and Small Enterprises Facilitation Council or the centre providing alternate dispute resolution services shall have jurisdiction to act as an Arbitrator or Conciliator under this section in a dispute between the supplier located within its jurisdiction and a buyer located anywhere in India.
(5) Every reference made under this section shall be decided within a period of ninety days from the date of making such a reference.
Under the provisions the Section 18(1) of MSME Act dispute in regards to any amount due against the buyer for the goods or services supplied by the Supplier can be referred to the Micro and Small Enterprises Facilitation Council.
The provisions uses the words ‘Any party to the dispute may make reference’. So, either Buyer or the Seller can make such reference. It is not that only Supplier can make reference. A buyer can also make reference.
Provided however that this reference to be for any amount due against the buyer for the goods or services supplied by the Supplier as per section 17 of the Act.
Section 18(2) of the MSME Act provides that on receipt of a reference under section 18(1), the Micro and Small Enterprises Facilitation Council can itself conduct conciliation in the matter.
Micro and Small Enterprises Facilitation Council can also seek the assistance of any institution or centre providing alternate dispute resolution services by making a reference to such an institution or centre, for conducting conciliation.
For such conciliation the provisions of sections 65 to 81 of the Arbitration and Conciliation Act, 1996 (26 of 1996) shall apply to such a dispute as if the conciliation was initiated under Part III of that Act.
Section 18(3) of MSME Act provides that where the conciliation initiated under section 18(2) is not successful and stands terminated without any settlement between the parties, the Micro and Small Enterprises Facilitation Council shall itself take up the dispute for arbitration
Micro and Small Enterprises Facilitation Council can also refer it to any institution or centre providing alternate dispute resolution services for such arbitration.
In such arbitration proceeding the provisions of the Arbitration and Conciliation Act, 1996 (26 of 1996) shall apply to the dispute as if the arbitration was in pursuance of an arbitration agreement referred to in sub-section(1) of section 7 of that Act.
Section 18(4) of MSME Act provides thatnotwithstanding anything contained in any other law for the time being in force, the Micro and Small Enterprises Facilitation Council or the centre providing alternate dispute resolution services shall have jurisdiction to act as an Arbitrator or Conciliator under this section in a dispute between the supplier located within its jurisdiction and a buyer located anywhere in India.
Thus, as per section 18(4) of MSMED Act, the MSME facilitation council where supplier is located has jurisdiction to adjudicate the dispute of the delayed payment between the Supplier and the buyer.
Section 18(5) of MSME Act provides that Every reference made under this section 18 to be decided within a period of ninety days from the date of making such a reference.
Thus, the Arbitration proceeding has to be completed within a period of 90 days.
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MSME Samadhaan Scheme – Delayed Payment Portal
MSME Law Article by NB Associates
The MSME Samadhaan Scheme, also known as the Delayed Payment Portal, is an initiative launched by the Ministry of Micro, Small and Medium Enterprises (MSMEs), Government of India, to address the issue of delayed payments to Micro and Small Enterises (MSEs) by buyers, particularly from the government and public sector undertakings (PSUs).
The scheme aims to promote timely payment to MSMEs, which can significantly impact their financial stability and business operations.
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Here are some key points about the MSME Samadhaan Scheme:
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MSME Samadhaan Login – Empowering Micro and Small Enterprises
MSME Law Article by NB Associates
The MSME (Micro, Small, and Medium Enterprises) Samadhaan Login portal has emerged as a game-changer for the empowerment of small businesses in India. Launched by the Government of India, this online platform serves as a resolution mechanism for delayed payments faced by MSMEs. Let’s delve into the significance of the MSME Samadhaan Login portal, its key features, and the benefits it offers to the MSME sector.
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The MSME Samadhaan Login portal was introduced to address the issues of delayed payments that MSMEs often encounter. It acts as a digital interface between MSMEs and their buyers, enabling them to file complaints regarding delayed payments and seek speedy resolution. The portal operates under the Micro, Small, and Medium Enterprises Development (MSMED) Act, 2006.
One of the key features of the MSME Samadhaan Login portal is online complaint filing. MSMEs can file complaints online against buyers who have not made payments for goods or services delivered. This eliminates the need for physical paperwork and streamlines the complaint filing process. Furthermore, the portal provides a real-time tracking system, allowing MSMEs to monitor the status of their complaints. This feature enables businesses to stay informed about the progress of their complaints and take appropriate actions if necessary.
In case the complaint is not resolved within the stipulated time, the portal offers an escalation mechanism. MSMEs have the option to escalate the matter to the concerned authorities, ensuring that their grievances are addressed promptly.
The MSME Samadhaan Login portal offers several benefits to MSMEs. Firstly, it ensures the prompt resolution of delayed payment disputes, providing much-needed relief to MSMEs facing financial strain. Timely payments enable MSMEs to manage their cash flows effectively, allowing them to invest in business growth and meet their operational requirements. By offering a transparent platform to file and track complaints, the portal also encourages accountability among buyers and helps build trust between MSMEs and their clients. This, in turn, enhances market opportunities for reliable MSMEs.
Another significant advantage of the MSME Samadhaan Login portal is the reduction of dependency on legal proceedings. MSMEs can avoid lengthy and costly legal procedures by using the portal as a mechanism for resolving payment-related issues efficiently. This saves time, resources, and effort, allowing businesses to focus on their core operations.
To access the MSME Samadhaan Login portal, MSMEs need to visit the official website and register using their Udyog Aadhaar Number. Upon registration, they can log in using their credentials and file complaints against defaulting buyers. The portal also provides user-friendly features and guidance to facilitate easy navigation.
In conclusion, the MSME Samadhaan Login portal has revolutionized the way MSMEs address delayed payment issues. By providing a digital platform for complaint filing, real-time tracking, and escalation, the portal ensures timely resolution and improved cash flow management for MSMEs. It promotes transparency, accountability, and trust in business transactions, contributing to the growth and development of the MSME sector in India.
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MSME Samadhaan Portal -– Ensuring Redressal of Payment
MSME Law Article by NB Associates
Micro, Small, and Medium Enterprises (MSMEs) play a crucial role in the socio-economic development of any country. They contribute significantly to employment generation, GDP growth, and overall industrial output. However, one of the persistent challenges faced by MSMEs is delayed payments from their buyers, which can severely impact their cash flow and sustainability.
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To address this issue and provide a platform for a speedy resolution, the Government of India launched the MSME Samadhaan Portal. This online portal serves as a digital platform for MSMEs to lodge complaints regarding delayed payments and seek redressal from the concerned parties. In this article, we will delve into the significance of the MSME Samadhaan Portal, its features, and the impact it has had on the MSME sector.
Micro, Small, and Medium Enterprises form the backbone of the Indian economy, contributing to employment generation, export promotion, and balanced regional development.
However, despite their importance, MSMEs often face challenges in accessing timely payments for their products or services.
Payment delays can occur due to various reasons such as the financial constraints of buyers, operational inefficiencies, or intentional defaults by larger corporations.
These delays have a cascading effect on MSMEs, affecting their working capital, profitability, and growth prospects.
The MSME Samadhaan Portal was launched in April 2017 under the Ministry of Micro, Small, and Medium Enterprises, Government of India.
The primary objective of the portal is to provide a mechanism for MSMEs to report and resolve payment issues efficiently.
The portal enables MSMEs to register their complaints online, which are then forwarded to the concerned parties, including the buyer and the respective government department or public sector undertaking.
(a) Online Complaint Registration: MSMEs can register their complaints regarding delayed payments on the portal by providing necessary details such as buyer information, invoice details, and payment terms.
(b) Grievance Redressal: Once a complaint is registered, it is forwarded to the concerned parties for resolution. The portal allows for online tracking of the complaint status, ensuring transparency and accountability in the redressal process.
(c) Time-Bound Resolution: The portal mandates a time limit for resolving the complaints. As per the guidelines, the concerned parties are required to respond to the complaint within a specified period.
(d) Monitoring and Feedback: The portal provides a dashboard for monitoring the overall progress of the redressal. It also allows MSMEs to provide feedback on the resolution process, ensuring continuous improvement.
Since its inception, the MSME Samadhaan Portal has made a significant impact on the MSME sector by addressing the issue of delayed payments. Here are some key ways in which the portal has positively influenced the sector:
(a) Timely Redressal: The portal has streamlined the process of complaint registration and resolution, ensuring that MSMEs receive timely redressal for their payment-related grievances. The time-bound resolution mechanism has created a sense of accountability among the concerned parties, leading to faster payments.
(b) Enhanced Cash Flow: By facilitating the prompt resolution of payment disputes, the portal has helped MSMEs improve their cash flow. Timely payments enable them to meet their operational expenses, invest in growth initiatives, and avoid financial strain.
(c) Increased Confidence: The existence of the MSME Samadhaan Portal has instilled confidence among MSMEs in dealing with payment issues. Knowing that there is a dedicated platform for lodging complaints and seeking redressal, MSMEs are more likely to pursue their legitimate dues without fear or hesitation.
(d) Reduction in Litigation: Prior to the establishment of the portal, MSMEs often had to resort to lengthy and costly legal battles to recover their payments. The MSME Samadhaan Portal offers an alternative avenue for resolution, reducing the burden of litigation on MSMEs and promoting amicable settlements.
(e) Improved Business Relationships: The portal promotes healthy business relationships between MSMEs and their buyers. By providing a structured platform for dispute resolution, it encourages open communication and negotiation between the parties involved. This, in turn, fosters trust and cooperation, leading to stronger business partnerships.
(f) Data Analysis and Policy Reforms: The MSME Samadhaan Portal generates a vast amount of data regarding payment delays, parties involved, and resolution outcomes. The analysis of this data can provide valuable insights into the underlying issues and help policymakers formulate effective measures to address payment-related challenges faced by MSMEs.
While the MSME Samadhaan Portal has been successful in addressing delayed payment issues to a significant extent, there is still room for improvement. Here are some recommendations for further enhancing the effectiveness of the portal:
(a) Awareness and Outreach: Continued efforts should be made to create awareness about the portal among MSMEs across the country. Outreach programs, workshops, and digital campaigns can help reach out to a larger audience and ensure maximum utilization of the portal’s services.
(b) Strengthening Dispute Resolution Mechanisms: The portal can be further strengthened by establishing alternative dispute resolution mechanisms, such as mediation or arbitration, to expedite the resolution process. These mechanisms can offer faster and more cost-effective solutions for both parties involved.
(c) Collaboration with Financial Institutions: Collaboration with banks and financial institutions can play a crucial role in ensuring prompt payments to MSMEs. Integrating the portal with financial institutions’ systems can facilitate seamless fund transfers and automated reminders for payment due dates.
(d) Continuous Monitoring and Feedback: Regular monitoring of the portal’s performance and gathering feedback from MSMEs can help identify any shortcomings and implement necessary improvements. Feedback mechanisms, user surveys, and periodic reviews can contribute to the portal’s evolution.
The MSME Samadhaan Portal has emerged as a significant tool in empowering MSMEs by providing them with a platform to seek redressal for delayed payments.
It has revolutionized the way payment disputes are addressed, promoting transparency, accountability, and timely resolution.
By enabling MSMEs to assert their rights without the burden of protracted litigation, the portal has positively impacted their cash flow, business relationships, and overall confidence.
However, continuous efforts are required to raise awareness, strengthen dispute resolution mechanisms, and collaborate with financial institutions to enhance the effectiveness of the portal further.
With ongoing improvements and support, the MSME Samadhaan Portal can continue to be a vital instrument in safeguarding the interests of MSMEs and promoting their growth in the Indian economy.
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MSME invoice payment
MSME Law Notes by NB Associates
Under the Micro, Small, and Medium Enterprises Development (MSMED) Act, 2006, there are certain provisions related to the MSME invoice payment or payment of invoices by the buyer to the micro or small supplier.
These provisions are aimed at ensuring timely payment and addressing delayed payments, which can be a significant challenge for MSMEs.
Here’s a brief overview:
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According to Section 15 of the MSMED Act, the buyer is required to make payment to the MSME supplier for the goods or services rendered.
The period for making such payment should not exceed 45 days from the date of acceptance of the goods or services.
If the buyer fails to make payment within the stipulated period of 45 days, the buyer is liable to pay compound interest to the supplier.
The interest rate is three times the prevailing bank rate notified by the Reserve Bank of India (RBI) in this regard.
Read here – RBI Bank rate for MSME notified from time to time.
The Act provides for the establishment of Micro and Small Enterprises Facilitation Councils (MSEFCs) at the central and state levels. The MSEFCs are responsible for facilitating the resolution of disputes related to delayed payments.
If there is a delay in payment, the MSME supplier can approach the MSEFC for redressal.
The MSME supplier can file a complaint regarding the delayed payment with the MSEFC within a period of three years from the date of delivery of the goods or services.
The MSEFC will then examine the matter and pass appropriate orders for the recovery of the principal amount along with interest.
It is important to note that the specific procedures and mechanisms for resolving disputes related to payment may vary depending on the jurisdiction and the rules set by the respective MSEFCs.
Therefore, it is advisable to consult the relevant authorities or legal professionals to understand the specific provisions and processes applicable in your region.
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MSME Supplier payment terms
MSME Law Notes by NB Associates
The Micro, Small, and Medium Enterprises Development (MSMED) Act, 2006 is an Indian legislation that aims to promote, develop, and enhance the competitiveness of micro, small, and medium enterprises (MSMEs).
While the act provides various provisions for the growth and support of MSMEs, it does not specifically define payment terms for suppliers under the act.
Payment terms between MSMEs and their buyers are typically determined through mutually agreed-upon contracts or agreements. However, there are certain limitations imposed by the Act.
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It is important to note that the MSMED Act contains provisions related to the delayed payment of dues to MSME suppliers by the buyer.
These provisions are intended to protect the interests of MSMEs and ensure timely payment.
Here are the key aspects related to payment terms and delayed payments under the MSMED Act:
The act states that the buyer must make payment to the MSME supplier for the goods or services within the agreed-upon period mentioned in the contract.
If there is no specific payment period mentioned, the buyer is required to make the payment within fifteen days from the date of acceptance of goods or services.
If there is any agreed period, and the period is more than 45 days, then the payment must be made within 45 days.
If there is any agreed period, and the period is more than 45 days, then the payment must be made within 45 days.
If there is an agreed period, and the period agreed is more than 15 days and less than 45 days than the payment is to be made within the agreed period.
If the buyer fails to make payment to the MSME supplier within the specified time, the buyer is liable to pay compound interest with monthly rests to the supplier. The interest rate for delayed payments is three times the bank rate notified by the Reserve Bank of India, whichever is lower.
Read here – RBI Bank rate for MSME notified from time to time.
Buyers are required to disclose their outstanding payment obligations to MSMEs in their annual financial statements, including the amount of dues as per section 22 of the Act.
The act establishes Micro and Small Enterprise Facilitation Councils at the district and state levels to provide assistance in the settlement of disputes related to delayed payments.
MSME suppliers can approach these councils to seek redressal for delayed payments.
It’s important to consult the MSMED Act directly or seek legal advice for a comprehensive understanding of the provisions related to payment terms and delayed payments.
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MSME payment terms interest rate
MSME Law notes by NB Associates
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According to the provisions of the Micro, Small, and Medium Enterprises Development (MSMED) Act, 2006 in India, the interest rate on delayed payment by the buyer to an MSME supplier is determined as follows:
Interest calculation: In case of delayed payment by the buyer beyond the agreed-upon or statutory payment timeframe, the buyer becomes liable to pay compound interest to the MSME supplier.
Interest rate: The interest rate applicable for delayed payment to MSME suppliers is three times the bank rate notified by the Reserve Bank of India (RBI) or the rate specified in the agreement, whichever is higher. The bank rate is determined by the RBI and can vary over time.
Read here – RBI Bank rate for MSME notified from time to time.
It’s important to note that the exact interest rate may vary based on the prevailing bank rate at the time of the delayed payment and the terms specified in the agreement between the buyer and the MSME supplier.
The MSMED Act provides a minimum threshold of three times the bank rate or the contractual rate, whichever is higher, to ensure that MSME suppliers are compensated for the financial impact caused by delayed payments.
If you require precise and up-to-date information on the current bank rate or specific interest rates applicable under the MSMED Act, I recommend referring to the official notifications and guidelines issued by the Reserve Bank of India (RBI) or seeking professional advice from legal or financial experts well-versed in Indian commercial laws.
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MSME Vendor payment terms
MSME Law notes by NB Associates
Under the Micro, Small, and Medium Enterprises Development (MSMED) Act, 2006 in India, there are provisions related to vendor payment terms.
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While the act primarily focuses on the promotion and development of MSMEs, it does not explicitly outline specific vendor payment terms. However, it does address timely payment and interest on delayed payment. Here are the key points to consider:
Timely payment: The act emphasizes timely payment to MSME vendors. Buyers are required to make payment to MSME suppliers within 45 days from the date of acceptance of goods or services, or as per the agreed-upon terms. This timeframe ensures that MSMEs receive payment promptly, reducing their financial strain.
Interest on delayed payment: If the buyer fails to make payment within the stipulated timeframe, they become liable to pay compound interest with monthly rests to the MSME supplier. The interest rate is three times the bank rate notified by the Reserve Bank of India (RBI) or the rate specified in the agreement, whichever is higher.
Written agreement: It is advisable for both buyers and MSME vendors to have a written agreement or contract that clearly specifies the payment terms and conditions. This agreement should include details such as the payment due date, interest on delayed payment, and any other relevant terms agreed upon by both parties.
Complaint filing: If a buyer does not make payment within the specified timeframe, the MSME vendor can file a complaint under the MSMED Act. The complaint can be lodged with the Micro and Small Enterprise Facilitation Council (MSEFC), which is established under the act.
Dispute resolution: The MSEFC is responsible for resolving disputes related to delayed payments between buyers and MSME vendors. The council will examine the matter and pass appropriate orders, which may include directing the buyer to make payment along with interest.
It is important to note that while the MSMED Act addresses timely payment and interest on delayed payment, specific vendor payment terms such as payment due dates and invoice terms are generally agreed upon through negotiation and contractual arrangements between buyers and MSME vendors. These terms can vary depending on the nature of the business relationship and other factors.
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