It is necessary to proceed with a lawsuit to claim payment of goods before the statute of limitations for receivables, and receive compensation for damages.
[Global Epic Reporter Seongsu Lee] When self-employed people and businessmen run a business or store, many contracts are entered into, knowingly or unknowingly, and numerous credit and debt relationships are formed in the process. At this time, care must be taken with receivables, i.e. receivables, as they can easily cause business disruption if they are not returned on time. As for rights to receivables, various laws, including the Civil Code, stipulate a statute of limitations in which the rights are lost if the rights are not properly exercised within a certain period of time. Therefore, you must file a claim and collect the uncollected amount before the statute of limitations expires. Representatively, in the case of product payments, there are many cases where you wait and suffer losses because the statute of limitations has passed even though you are not receiving payment due to problems with the future transaction relationship with the other party. In such cases, it is difficult to unconditionally demand payment due to the burden of losing your supplier in the market, so even though you are the person who must receive the money while waiting for the return of the payment, there are various types of loans. Carrying the burden of interest, taxes, etc. increases the business burden. The statute of limitations for goods is stipulated to apply 3 years, which is the statute of limitations for commercial claims, pursuant to Article 163 of the Civil Act. However, since it starts from the date of payment, that is, the date on which the price is due, the prescription period is also applied differently for each contract. Therefore, when filing a lawsuit for the price of goods, the exact prescription period or the factors that stopped the prescription (filing a lawsuit or requesting a payment order) are applied differently. It is important to secure materials that can prove verbal or repayment reminders or proof of content). In addition, tax invoices and text messages exchanged during the transaction process with the other party can be used as evidence. “Problems related to uncollected payments that commonly arise in transaction (contract) relationships can be resolved through billing lawsuits,” said Jang Moon-gyu, attorney at Daeryun Law Firm. “Because the legal process is complicated.” He advised, “It is best to prepare with legal assistance from a lawyer specializing in damages.” Click here for the full article - It is necessary to proceed with a lawsuit to claim payment for goods before the statute of limitations for receivables, and even receive compensation for damages (globalepic.co.kr)