Combating Late Payment in Business Transactions: How a New European Directive Has Failed to Set a Substantial Minimum Standard Regarding National Provisions on Retention of Title - European Review of Private Law View Combating Late Payment in Business Transactions: How a New European Directive Has Failed to Set a Substantial Minimum Standard Regarding National Provisions on Retention of Title by Michael J. Milo - European Review of Private Law Combating Late Payment in Business Transactions: How a New European Directive Has Failed to Set a Substantial Minimum Standard Regarding National Provisions on Retention of Title Michael J. Milo 11 3

Abstract: The European Union issued the directive on late payment in business transactions on August 8, 2000, which contains a provision on retention of title clauses. This provision provides for the recognition of simple foreign retention of title clauses in business contracts. In this paper the author discusses this directive with regard to the harmonization of property law within the European Union on the one hand, and to the national retention of title arrangements on the other. The inclusion of an aspect of property law in this directive can be considered a revolutionary development, while at the same time more could have been accomplished in harmonizing the laws regarding retention of title.

European Review of Private Law