late payment 1010 Responses

Last post: 4 years, 3 months ago | Thread started: Jan 27, 08, 3:24 p.m.

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• ismith

  A lot of people I know have a huge cash flow problem because of this. They end up charging interest on the late payments, 5-10%/month.

  • That is of course if it's in your contract– you can't just arbitrarily charge interest.– ismith

  

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  Dog-earJan 27, 08, 3:53 p.m. – Permalink

• Corvo

  They need to sign your contract aswell - you are risking a lot. If they lose theirs nothing will prove they ever agreed with you.

  • Traditionally you keep a copy of their contract too ...– jamble

  

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  Dog-earJan 27, 08, 3:56 p.m. – Permalink

• Amen

  thx... yea interest 5-10%/month ...next time i'll do that.

  

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  Dog-earJan 27, 08, 4:38 p.m. – Permalink

• ok_not_ok

  

  • Al Sharpton?– Antonelli

  

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  Dog-earJan 27, 08, 9:36 p.m. – Permalink

• jamble

  A lot of large companies have longer payment cycles and they'll be unlikely to break with their procedure to accommodate your needs for quicker payment.

  If you're desperate for payment quickly, you could always consider selling the invoice to a factoring company (http://en.wikipedia.org/wiki/Fa... who will pay you immediately then you don't have to worry about waiting for payment.

  

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  Dog-earJan 27, 08, 11:40 p.m. – Permalink

• akrokdesign

  you have to state on the invoice that bill has to be payed in 30days.
  if late, there a 1.5% fee. (silly low but I think the standard)

  

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  Dog-earJan 28, 08, 12:03 a.m. – Permalink

• Studiospooky

  I have a contract that states if the client is one day late from pay due date I stick 15% on to cover the cost and time lost of chasing the payment. I have some terrible experiences and often find that clients can reveal themselves to be without any kind of honour at all. I often end up sending legal paperwork to get my payment.

  Getting a contract in front of them, clearly stipulating your conditions, and having a signed copy of it from whoever is commissioning you is a good thing to do. Its not failsafe however. A big advertising agency attempted to writhe around the fact that they had signed my contract by saying the person who signed it (the project manager) wasn't authorised to do so. I then had to point out that the project manager had signed it because I had an email from the account director saying they were abroad so they were giving permission to the account handler to sign it on their behalf... next tactic was to say (and this made me see red) that if I was to overlook my own contract and let them off paying me, then that would put me in a good position to do more work with them in the future. In other words, if I took payment for my work they wouldn't work with me again.

  I blew my fucking top and made it clear I would take that payment from them and wouldn't work with them again by choice. I then held another project in progress to ransom, on the grounds that they were not honouring contracts, and they paid me within the day. But their head of finance assured me that would be the last time I worked with them.

  The head of finance - making creative decisions.

  less than twelve months passed before I was asked to do something else with them. Its never the creatives or the project managers... it is always the finance departments that cause the trouble.

  • Hnag on, that looks like more than ten words...– Studiospooky1/2

    No, no, it is exactly ten words. Must be some kind of optical illusion.– Studiospooky2/2

  

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  Dog-earJan 28, 08, 1:36 a.m. – Permalink

• Bluejam

  INS11709 - Seven-day demand letter
  http://www.hmrc.gov.uk/manuals/i…

  

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  Dog-earJan 28, 08, 1:50 a.m. – Permalink

• ximeraLabs

  If its for a website, simply turn it off.
  You'll get a panicked call/email within 5 minutes of the client "something's wrong! can you fix?!" and then you calmly reply "oh i can, but i just noticed you have an outstanding balance... I can't really do anything until you pay." They'll transfer your payment immediately. fact.

  • 'Fact'?– detritus1/2

    kills 99.9% of all germs.– skt2/2

  

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  Dog-earJan 28, 08, 2:53 a.m. – Permalink