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A Credit Policy sets the rules and standards an organization uses to manage lending decisions and customer payment terms. It guides how Dutch companies evaluate creditworthiness, set credit limits, and handle payment collection - all while following local financial regulations and the Dutch Civil Code.

Effective credit policies protect businesses from financial risks by establishing clear procedures for credit approvals, payment terms, and debt recovery. For Dutch organizations, these policies must align with EU payment legislation and include specific provisions for late payment interest rates as defined in Dutch commercial law. They help maintain healthy cash flow while building strong customer relationships.

Create a Credit Policy when your business starts offering payment terms or credit arrangements to customers. This becomes essential as your Dutch company grows beyond cash-only transactions and needs structured ways to evaluate customer creditworthiness and manage payment risks.

The policy proves particularly valuable during business expansion, when dealing with new market segments, or after experiencing payment collection issues. Dutch companies must update their Credit Policy to reflect changes in EU financial regulations, shifting market conditions, or when internal risk assessments suggest stronger credit controls are needed. Having clear guidelines helps prevent payment defaults while maintaining positive customer relationships.

• Credit Note Policy: Focuses specifically on managing customer refunds and credit adjustments. This variation of Credit Policy sets rules for issuing credit notes, handling returns, and processing billing corrections under Dutch VAT requirements.
• Standard Commercial Credit Policy: Sets core credit terms for B2B transactions, including payment deadlines, credit limits, and collection procedures aligned with Dutch commercial law.
• Consumer Credit Policy: Tailored for B2C transactions, incorporating Dutch consumer protection laws and EU consumer credit directives.
• Industry-Specific Credit Policies: Customized versions for sectors like construction or wholesale, addressing unique payment cycles and industry norms.

• Finance Directors: Lead the development and oversight of Credit Policy standards, ensuring alignment with Dutch financial regulations and company risk tolerance.
• Credit Managers: Handle day-to-day implementation, customer credit assessments, and policy enforcement within Dutch commercial guidelines.
• Sales Teams: Must understand and follow credit terms when negotiating with customers, balancing growth targets with risk management.
• Legal Counsel: Reviews policy compliance with Dutch and EU regulations, particularly regarding payment terms and collection procedures.
• Customers: Both businesses and consumers who receive credit must comply with the established terms and conditions.

• Business Profile: Document your company's size, industry, and typical transaction values to set appropriate credit limits and terms.
• Risk Assessment: Analyze your current customer payment patterns and industry-specific risks in the Dutch market.
• Legal Requirements: Review Dutch payment legislation and EU directives on commercial transactions.
• Internal Processes: Map your credit approval workflow, including who makes decisions and monitoring procedures.
• Collection Procedures: Define steps for payment reminders, late payment interest rates, and debt recovery actions under Dutch law.
• Technology Check: Ensure your systems can handle credit monitoring and automated payment tracking.

• Credit Assessment Criteria: Clear standards for evaluating customer creditworthiness, including financial checks and required documentation.
• Payment Terms: Specific payment deadlines, credit limits, and early payment discounts aligned with Dutch commercial law.
• Interest Rates: Late payment interest calculations following Dutch statutory commercial rates.
• Collection Procedures: Step-by-step process for payment reminders and debt recovery actions.
• Data Protection: Guidelines for handling customer financial information under GDPR requirements.
• Dispute Resolution: Procedures for handling payment disputes under Dutch jurisdiction.
• Policy Review: Frequency and process for updating terms to maintain compliance with Dutch regulations.

A Credit Policy differs significantly from a Credit Agreement in both scope and application. While both documents deal with credit relationships, they serve distinct purposes in Dutch business operations.

• Purpose and Scope: A Credit Policy provides company-wide guidelines for managing all credit relationships, while a Credit Agreement is a specific contract between two parties for a single credit arrangement.
• Legal Status: Credit Policies are internal governance documents that guide decision-making, whereas Credit Agreements are legally binding contracts enforceable under Dutch contract law.
• Flexibility: Credit Policies can be updated internally as business needs change, but Credit Agreements require mutual consent from all parties to modify terms.
• Application: Policies outline evaluation criteria and procedures for all potential credit situations, while Agreements specify exact terms, interest rates, and repayment schedules for individual cases.