• Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
  • Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!

Payment terms

Collapse
X
  •  
  • Filter
  • Time
  • Show
Clear All
new posts

    Payment terms

    I know there have been several threads about this. I've had a look through them.

    So I just wanted to ask for some specific opinions...

    New gig, Arrows Group, monthly invoicing with payment at the end of the following month. I.e. between 8 and 4 weeks of credit/risk. Averaging at 6 weeks.

    I thought my previous role was bad with 21 days on monthly invoices.

    Anyway, while being less than ideal, do you guys think it's ridiculous enough to flat-out reject? Or is it fairly usual even if it could be better?

    Not credit checked Arrows Group yet, but I'm assuming they're big enough to not worry. Only worry is the end client product isn't actually monetised - they are funded by a parent company.

    No mention of opt-out yet, but expecting it to turn up with the contract (currently they've sent me some paperwork, but not the contract). Even though it may technically be unenforceable I don;t think it's been tested yet? Nor do I fancy putting it to the test myself.

    #2
    I've been on that for a couple.of years now with three different clients and agents. One processing cockup meaning payment was two weeks late but appeared as soon as I complained. It does expose you to some risk but I would imagine the split of people who didn't get paid vs those that did would on the same terms would be tiny.

    The terms aren't the best but IMO not a deal breaker but not enough info on possible risks to dig into it any further.

    I wouldn't be overly worried about this if Arrow are a decent size and your client is fairly well known.
    'CUK forum personality of 2011 - Winner - Yes really!!!!

    Comment


      #3
      P.s. if you went direct it could be up to 90 days so it's not as bad as it could be.
      'CUK forum personality of 2011 - Winner - Yes really!!!!

      Comment


        #4
        Cheers.
        I'll also remind myself of what my PCG+ may or may not offer in terms of reducing the worry.

        They do a mid-month payment if you miss the deadline at the end of the invoicing period, so that makes me wonder if they could pay me on 2 week terms / monthly invoicing. Which is a little better.

        They'd probably be reluctant though as apparently I don't even need to send an invoice (although I still can) which makes me think its a largely automated process which my request to change would **** up.

        Comment


          #5
          I'd don't think your PCG+ is going to be good for anything lol...

          You mean they are self billing?
          'CUK forum personality of 2011 - Winner - Yes really!!!!

          Comment


            #6
            Originally posted by northernladuk View Post
            I'd don't think your PCG+ is going to be good for anything lol...

            You mean they are self billing?
            I was thinking of the insurance incase they go belly-up before I get paid.

            The general info they sent said no need to send an invoice, and sounded a bit like self-billing. But the contract which i've since read says I must send an invoice.

            We'll see. If I get them to acknowledge that I'm not opted out (there's been no conversation or paperwork except a single "Contractor opted out | YES" snuck into the assignment schedule) and cannot legally be so at this point, then I could suggest that that makes me less bothered about the tulipty payment terms (i.e. at least my risk exposure to the end client is reduced).

            Comment


              #7
              Ask them straight to change their payment terms.

              It does help if you know the client always settles their invoices then you can do this.
              "You’re just a bad memory who doesn’t know when to go away" JR

              Comment


                #8
                If you've got the gig tell them you need to change the payment terms

                Comment


                  #9
                  Originally posted by SueEllen View Post
                  Ask them straight to change their payment terms.

                  It does help if you know the client always settles their invoices then you can do this.
                  Is this something that is generally possible then? I.e. should I throw my weight around or be more gentle?

                  Of course, I won't be holding you personally responsible if your advice turns out to be bad in this particular instance So feel free to give an honest opinion.

                  Comment


                    #10
                    Well you've got two choices, ask them about it or don't. Balls in your court now.
                    'CUK forum personality of 2011 - Winner - Yes really!!!!

                    Comment

                    Working...
                    X