1. Where there is no agreement between buyer and MSME supplier.....Payment of amount shall be made before appointed day. (Appointed day is the day following immediately after expiry of 15 days from the day of acceptance or deemed acceptance of goods or services.)
2. Where the credit period agreed upon in writing is 45 days or less.... Payment shall be made on or before the date agreed in writing. 3. Where the credit period agreed upon in writing is more than 45 days.... Payment shall be made within 45 days from the date of acceptance or deemed date of acceptance.
Note: Day of acceptance is defined under explanation to Section 2(b) of the MSMED Act to mean as:
(a) the day of the actual delivery of goods or the rendering of services;
(b) where any objection is made in writing by the buyer regarding acceptance of goods or services within 15 days from the day of the delivery of goods or the rendering of services, the day on which such objection is removed by the MSME supplier.
Further, the day of deemed acceptance means where no objection is made in writing by the buyer regarding acceptance of goods or services within 15 days from the day of the delivery of goods or the rendering of services, the day of the actual delivery of goods or the rendering of services.
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