A revised Late Payment Directive, designed to give better protection for creditors, will be formally adopted shortly. Under it, public authorities are obliged to pay invoices within 30 days (or in exceptional cases 60 days) or pay interest at the rate of at least eight per cent. Private companies will generally have to pay within 60 days unless it is contractually agreed otherwise and it is not grossly unfair. The new rules are intended to be a minimum requirement and will have to be implemented into national law within two years of adoption of the Directive.