What would be a reasonable late fee for a Canadian client?
Thread poster: Rosa Maria Duenas Rios

Rosa Maria Duenas Rios  Identity Verified
Local time: 17:14
Sep 7, 2005

Hi,
I have a client who fell behind in some of her payments, but has accepted to pay a late fee on past due invoices.

I would appreciate if any of our Canadian colleagues could suggest what would be a reasonable interest rate or late fee that I could add to the said invoices. Thanks in advance!

[Edited at 2005-09-07 20:14]


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Will Matter  Identity Verified
United States
Local time: 14:14
English
+ ...
One and one half percent per month Sep 7, 2005

This is a fairly standard rate. Comes out to be 18% per year, simple interest. Use your best judgement.

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Johanna Timm, PhD  Identity Verified
Canada
Local time: 14:14
Member (2002)
English to German
+ ...
Two percent per month Sep 7, 2005

...that's what I charge. My invoices include the sentence (and NOT in pt.6: 'For payment received later than 30 days after the invoice date, a surcharge of 2% per month applies.'

Cheers from Western Canada,
johanna


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Rosa Maria Duenas Rios  Identity Verified
Local time: 17:14
TOPIC STARTER
Thanks! Sep 8, 2005

Thank you, Will and Johanna. I have sent a modified invoice to my client based on what I had read on the web and your comments; let's hope I will get paid this time! Regards.

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