regarding late payment charges
Thread poster: Susana Galilea
Susana Galilea  Identity Verified
United States
Local time: 18:48
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: 00:48
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







CafeTran Espresso
You've never met a CAT tool this clever!

Translate faster & easier, using a sophisticated CAT tool built by a translator / developer. Accept jobs from clients who use SDL Trados, MemoQ, Wordfast & major CAT tools. Download and start using CafeTran Espresso -- for free

More info »
PerfectIt consistency checker
Faster Checking, Greater Accuracy

PerfectIt helps deliver error-free documents. It improves consistency, ensures quality and helps to enforce style guides. It’s a powerful tool for pro users, and comes with the assurance of a 30-day money back guarantee.

More info »



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