Access to credit by consumers is an important factor for any business. In addition to being a way to carry out commercial transactions with partners and customers, it also facilitates the internal financial boosting of the company .
One way to access business credit is through a commercial duplicate, a purchase and sale credit document used in Brazil . It is regulated by the Duplicate Law (n.º 5.474/68) , which provides guidelines for the use of this financial tool.
Duplicate payments are important to ensure business receipts in the long term. Therefore, to learn more about the Duplicate Law, what this credit instrument is, what the requirements are for using it and how it works , continue reading the following lines.
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What is a duplicate?
A commercial duplicate works as a type of singapore whatsapp number data document, with a similar operation to other instruments, such as a check or promissory note . However, it is only for commercial purposes.
In other words, for the sale of products or services, the invoice when collecting these amounts is to issue this document .
Therefore, the company can use this document to request the advance payment of this commercial transaction . Therefore, it is an optional document and its purpose is to guarantee credit, not to be for collection purposes.
It proves that the transaction will take place and the amount will into the account. It is generally to sell products with a payment term of up to 30 days , for example.
Although it has been widely in Brazil, the commercial duplicate has losing ground to other means of obtaining credit , such as credit cards or even the anticipation of receivables .
What does the Duplicate Law say?
The Duplicate Bills Act, No. 5,474/68 , brings the theory is nice all the necessary and mandatory requirements for the issuance and usability of the document . It also discusses the protest of the duplicate, deadlines and when the financial document.
The Duplicate Act provides for some requirements that must in the document. For example, the document can only be 30 days or more old , from the date of shipment or date of the product, for the credit request.
Furthermore, the documentation must have the following standard, as per Chapter 1, Article 2, Paragraph 1:
I – the name “duplicate”, the date of issue and the order number;
II – the invoice number;
III – the exact due date or the declaration that the duplicate is payable on sight;
IV – the name and address of the seller and the buyer;
V – the amount to be paid, in figures and in words;
VI – the payment square;
VII – the order clause;
VIII – the declaration of recognition of its accuracy and the obligation to pay it, to be signed by the buyer, as exchange acceptance;
IX – the issuer’s signature.
Therefore, all of the above information must in the documentation for financial institutions to accept its veracity.
What is the Law on Electronic Duplicates?
Since December 2018, with the maldivian lads of Law 13.775/18 , it is possible to have the electronic registration of duplicates , aiming at the electronic storage of information. They are also electronic duplicates.
The process of implementing electronic documentation took about 2 years from 2020, when the Central Bank and the National Monetary Council (CMN) announced the transition. Currently, it is the mandatory form of issuing this document.
