Invoice terms

[Drakkon]

Say a contract has this as part of the terms: "A 5% monthly service charge is payable on all invoices over 30 days"

If I was invoiced on April 1 and haven't paid by April 30 should I get a new invoice on May 1 with the 5% added? or do I have until May 30 to pay the amount in full and if I don't the amount left unpaid is assessed the 5% charge?

 

[MrChad]

You have until May 1, 30 days after the invoice date.

 

[BoomerD]

Originally posted by: MrChad
You have until May 1, 30 days after the invoice date.

 

[EagleKeeper]

Originally posted by: MrChad
You have until May 1, 30 days after the invoice date.

My invoices have that clause.

The next invoice goes out on May 1 with a line item of 5%.
A note is also attached that work will be supended on 1 Jun of the invoice(s) are not paid in full.