Document background
The Notice of Late Payment is a crucial document in Austrian business practice, used when a payment has become overdue and formal written communication is necessary to initiate the collection process. This document type is particularly important as it establishes a clear record of the creditor's attempt to collect the debt and complies with Austrian legal requirements for debt collection. The notice must include specific elements required under Austrian law, including precise payment details, statutory interest calculations where applicable, and clear payment deadlines. It serves as a prerequisite for potential legal action and is often required before proceeding with more formal debt collection measures. The document's format and content are influenced by both the Austrian Civil Code (ABGB) and the EU Late Payment Directive, ensuring that creditors' rights are protected while maintaining compliance with all relevant regulations.
