regarding late payment charges
Thread poster: Susana Galilea

Susana Galilea  Identity Verified
United States
Local time: 08:08
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.



DGK T-I  Identity Verified
United Kingdom
Local time: 14:08
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.


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

WordFinder Unlimited
For clarity and excellence

WordFinder is the leading dictionary service that gives you the words you want anywhere, anytime. Access 260+ dictionaries from the world's leading dictionary publishers in virtually any device. Find the right word anywhere, anytime - online or offline.

More info »
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, integration, community-driven development – a few reasons BaccS is trusted by translators!

More info »

  • All of
  • Term search
  • Jobs
  • Forums
  • Multiple search