Thailand Law Library

by Thailand Lawyer

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

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.

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

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

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