On Feb 21, 2005, at 10:52 AM, Ro Nagey wrote:
7. Add a clause that specifies what interest he pays if he is late on
a payment.
I had a friend who did design work - he charged 20% interest on late
payments. This worked well for him.
On the flip side, BTW, I find that putting favorable collection terms
on invoices, particularly where the client has an accounting dept. that
watches such things, greatly accelerates payments. I generally offer a
steep discount (5%) for payment within 7-10 days of my invoice. These
terms are worded, in the U.S. at least, as "5-10, Net 30". Accountants
love that stuff.
dan
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