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The 30-day net clause I laughed at just saved me $4,800
I used to send bills with no due date and hope clients paid when they felt like it, which meant chasing people in Chicago for 60 days. Last fall a contractor friend made me add a 30-day net term with a 1.5% monthly late fee, and I got stiffed by a property manager who tried to drag it to 90 days. Has anyone else seen a late fee clause actually scare a slow payer into sending cash fast?
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anna7171mo ago
My buddy Dave runs a plumbing company in Denver. He added that exact same clause last winter after getting burned twice. One of his commercial clients, a restaurant chain, owed him $6,200 for a big pipe job. They tried to hit him with the 90 day stall tactic. He just sent them a copy of the signed contract with the late fee math written out. Check came in four days. He said it was the easiest money he ever collected.
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robinc601mo ago
Put the fee math right in the contract so nobody can argue later, works every time.
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