General Category > General Questions

Late Fee's for Clients??

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ChristineS:
Would it be bad to have in your contract that the bill was due on such and such date and that you exspect the payment no later than three days after the origional date?

PMRNC:
Yes, you should have some sort of clause in your contract to protect you from chronic late payers, but I don't believe 3 days to be even remotely fair or reasonable. 15-30 days is more reasonable. My contract stated 30 days to which they got billed a late fee, and the next step was just terminating them for breach of contract. I didn't mess around with clients who didn't pay me.

Linda Walker
PMRNC
www.billerswebsite.com

Michele:
Linda is right.  You should definitely put it in your contract.  We state 10 days but we don't charge a late fee unless they are 30 days.  (3 is way too unreasonable)  Unfortunately we haven't been quite as strict as Linda and we have a couple of chronic late payers.  The finance charge doesn't seem to faze them.  We have talked about instituting a new policy that will include terminating the chronic late payers.

Michele

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