4 ms·
"1.5 Invoices. The Developer will invoice the Client for work done weekly. The Client agrees to pay the amount owed within 21 days of receiving the invoice. Pay
by burkek 11y ago
"1.5 Invoices. The Developer will invoice the Client for work done weekly. The Client agrees to pay the amount owed within 21 days of receiving the invoice. Payment after that date will incur a late fee of 5% ."
Fee being yearly or monthly? When setting up the variables it was displayed as monthly - but this is not conveyed anywhere in the contract which will default to the Clients best interest (yearly).
- randallsquared 11y agoIs it a fee or an ongoing interest penalty? If a fee, then wouldn't it be 5% one time?
- pyre 11y agoA one-time fee incentives them to not pay late, but once they are already late, there is no more incentive since they have already incurred the 5% fee.
- mthomasb 11y agoIndeed, still exploring carrot and stick options here to get clients to pay on time. One nice idea we've come across is a trivial discount for early / on time payment (~1-3%). We've heard anecdotally that it helps!