Late fee/interest on invoices
Thread poster: Helene1974

Helene1974  Identity Verified
United States
Local time: 11:39
Member (2006)
English to Norwegian
+ ...
Sep 14, 2010

Hello to all

This may already be out there somewhere, but I can not find it.

In the US, is there a law that pertains to late fees/interest added to an amount due on an invoice? If so, is there a cap on the interest you can charge, and is the client required to pay this late fee?


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Lingua.Franca  Identity Verified
Spain
Local time: 20:39
German to English
+ ...
This should help: Sep 14, 2010

http://www.proz.com/forum/money_matters/77489-had_to_wait_3_months_for_payment_how_can_i_calculate_surcharge_for_late_payment.html

I am in the same situation right now, having waited for more than three months for payment. ..


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Henry Hinds  Identity Verified
United States
Local time: 12:39
English to Spanish
+ ...
Not sure, but... Sep 14, 2010

I'm not sure about this, but from billing practices I have seen, I think you may be required to explain up front that late fees and/or interest will be charged and how much they are, and depending on where you are located, there may be legal limits involved.

Then again, your biggest problem may be collecting anything at all.


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