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, caution is required as receivables, or receivables, can easily cause business disruption if they are not returned on time.

As for the rights to claims, various laws, including the Civil Act, stipulate a statute of limitations under which the rights will be 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.

Typically, in the case of product payments, there are many cases where the customer suffers losses because the statute of limitations on the product payment has expired while waiting, even though the payment is not being repaid due to problems with the future transaction relationship with the other party.

In these cases, it is difficult to demand payment unconditionally due to the risk of losing a supplier in the market, so even though the person who receives the money has to wait for the payment to be returned, the burden of various loan interest and taxes increases, which increases the business burden.

According to Article 163 of the Civil Act, the statute of limitations for goods is specified to be 3 years, which is the statute of limitations for commercial claims. However, since it starts from the date of payment, that is, the date of payment, the statute of limitations period is also applied differently for each contract.

Therefore, when filing a lawsuit to claim payment for goods, it is important to secure data that can prove the exact prescription period or the factors that stopped the prescription (filing a lawsuit, requesting a payment order, or verbal or demand for payment, or proof of contents).

In addition, tax invoices and text messages exchanged during the transaction between the other party can be used as evidence.

Attorney Jang Moon-gyu of Daeryun Law Firm (Limited) advised, “Problems related to receivables that commonly arise in transaction (contract) relationships can be resolved through payment claim lawsuits,” and added, “Because the legal process is complex, it is best to prepare with legal assistance from a damages attorney.”

See full article - 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 (globalepic.co.kr)