Hi everyone, I'm a consultant who is negotiating a contract with a new client. Some friends of mine who also did some consulting were paid very late (90+ days). So while negotiating with this client I got them to agree there would be built-in penalties for late payment. It's now up to me to propose a schedule of penalties.
They are supposed to pay my invoices within 30 days, so I am thinking 5% penalty after 15 calendar days and another 5% after 30 calendar days.
Is there a standard or some other kind of template I could be using to come up with this? Anyone got some advice?
Thanks!
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