<br />Thai legal for expats

Thai legal for expats



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Section 856. A contract of current account is one in which two person agree that henceforth or for a determinate period the amount of all or some only of the obligation arising from transactions between them shal be set off and that the balance only shall be paid.

Section 857. The entry of a bill in a current account is presumed to be made on condition that the bill will be paid. If the bill is not paid, the entry may be cancelled.

Section 858. If the parties have not fixed the period for striking the balance, such period shall be six months.

Section 859. In the absence of anything apearing to the contrary, either party may at any time terminate the contract of current account and have the balance struck.

Section 860. The difference, if not paid, bears interest from the day when the balance was struck.

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