regarding late payment charges
Thread poster: Susana Galilea

Susana Galilea  Identity Verified
United States
Local time: 15:27
English to Spanish
+ ...
Jun 17, 2003

Hello all,

Does anyone have information on maximum late payment charges allowed in the case of overdue invoices? I may be mistaken, but I am under the impression there is such a maximum allowed by law, and it varies from state to state, country, etc.

I have seen anything from 1% to 5% late payment charges mentioned in translator contracts, and would appreciate any tips any of you may have. In case this is relevant, I am a resident of Illinois.

Cheers,
Susana


 

DGK T-I  Identity Verified
United Kingdom
Local time: 21:27
Georgian to English
+ ...
Late payment interest in the UK Jun 18, 2003

The right for small businesses to charge interest on accounts which haven't been settled within a reasonable period was made law here a few years ago.
I imagine a reasonable period would be 1 month from invoicing, unless other wise agreed. I don't know that a maximun interst rate was set, but it is quite possible, as happens in many UK legal situations, that the rate should be "reasonable" ie: related to bank borrowing rates and admin.costs, rather than "excessive". I would imagine this law applied to the whole UK, although it should always be remembered that England & Wales, Scotland, Northern Ireland, the Channel Islands, and the Isle of Man have separate legal systems.


 


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