regarding late payment charges
Thread poster: Susana Galilea

Susana Galilea  Identity Verified
United States
Local time: 11:28
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


Direct link Reply with quote
 

DGK T-I  Identity Verified
United Kingdom
Local time: 17:28
Member (2003)
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.


Direct link Reply with quote
 


To report site rules violations or get help, contact a site moderator:


You can also contact site staff by submitting a support request »

regarding late payment charges

Advanced search







BaccS – Business Accounting Software
Modern desktop project management for freelance translators

BaccS makes it easy for translators to manage their projects, schedule tasks, create invoices, and view highly customizable reports. User-friendly, ProZ.com integration, community-driven development – a few reasons BaccS is trusted by translators!

More info »
memoQ translator pro
Kilgray's memoQ is the world's fastest developing integrated localization & translation environment rendering you more productive and efficient.

With our advanced file filters, unlimited language and advanced file support, memoQ translator pro has been designed for translators and reviewers who work on their own, with other translators or in team-based translation projects.

More info »



Forums
  • All of ProZ.com
  • Term search
  • Jobs
  • Forums
  • Multiple search