Instruments for ensuring payments within the deadlines in the law on obligations

Abstract

In this scientific paper, an analysis of the instruments for ensuring payments within the given deadlines in commercial transactions provided in the Law on Obligations has been performed. During the research and development of the scientific paper, the methods of analysis and the inductive-deductive method were used. Debt arrears as a legal institute is known as far back as Roman law. The Law on Obligations precisely defined the debt arrears. Pursuant to the provisions of the Law on Obligations, the debtor is late when he does not fulfill the obligation within the deadline set for fulfillment. Business conditions in our economy where many legal entities are insolvent and exceed the set deadlines for fulfilling obligations, have imposed the need for a precise legal regulation of instruments for improving the execution of payments within the given deadlines in commercial transactions between legal entities. The Law on Obligations provides instruments to improve the execution of payments in commercial transactions, which are used as additional instruments to the Law on Deadlines for Settlement of Monetary Obligations in Commercial Transactions.