Interest in commercial affairs and especially the application of article 1530 of the Turkish Commercial Code

Interest provisions applied to commercial affairs are crucial in commercial life. In the first part of this study, the definition of interest, its features, its comparison with similar concepts, and its types are explained in order to unravel the characteristics of interest in commercial affairs. Commercial and ordinary affairs may be subject to different interest provisions. Contrary to ordinary affairs, interest rate in commercial affairs can be determined freely (Art. 8/1 of the TCC). Additionally, in some cases, interest may be requested even if the parties have not agreed on it (Art. 20 of the TCC, Art. 387 of the TCC, and Art. 90/1-e of the TCC). Furthermore, in some commercial transactions, the exercise of compound interest is legally permitted (Art. 8/2 of the TCC). Interest rates in commercial affairs may also differ from ordinary affairs. In the second part of our study, the characteristics of interest in commercial affairs, and commercial interest rates are explained. The consequences of late payment in the supply of goods and services are set forth in the Art. 1530 of the TCC. The main purpose of this article is to protect SMEs against large enterprises. For this provision to be applied, the existence of a contract for the supply of goods and services is required, and the contracting parties must be commercial enterprises. Art. 1530 of the TCC, which is a special provision of interest in commercial affairs, regulates the state of default without notice and special default interest rate. In the third part of our study, these matters are explained. Keywords: Interest, commercial affairs, interest in commercial affairs, the supply of goods and services, article 1530 of the TCC.