The Date for the Job
A MEMBER writes: If anything, the
Late Payment of Commercial Debts (Interest) Act 1998 seems to have made
some payers even worse. Here are a couple of examples from the past
two months: Network Magazines (contract publishing) 60 days; and
River Publishing Ltd (contract publishing) 60 days.
Remember, though, that you can claim the interest back many
years after it was incurred. So if you have an idle moment in five years'
time, fish out those old invoices from 1999 and fire off some more invoices
on the ones that turned out to be late...
The catch in the Act is that clients can (try to) specify when
is "late" in contracts. Please send reports of how clients
are actually doing to email@example.com, or
fax them to 0171-278 1812. If no-one specifies a date, you can charge
interest at 8% over Base Rate, starting 30 days after the invoice date.