Section 15
Liability of buyer to make payment.
The Micro, Small and Medium Enterprises Development Act, 2006
About this Act
An Act to provide for facilitating the promotion and development and enhancing the competitiveness of micro, small and medium enterprises and for matters connected therewith or incidental thereto.
Where any supplier supplies any goods or renders any
services to any buyer, the buyer shall make payment therefor on or before the date agreed upon between
him and the supplier in writing or, where there is no agreement in this behalf, before the appointed day:
Provided that in no case the period agreed upon between the supplier and the buyer in writing shall exceed forty-five days from the day of acceptance or the day of deemed acceptance.
Provided that in no case the period agreed upon between the supplier and the buyer in writing shall exceed forty-five days from the day of acceptance or the day of deemed acceptance.