Payment terms

[BoredBloke]

Oh Bugger! I have just realised that the contract I have just started pays on a monthly basis (fine with that) and 28 days after the reciept of the invoice - not fine with that. OK I realise it was my fault, but what would you lot do, besides abuse Chico.

The problems I have are this

1 - The last contract was cr@p pay and reduced the amount in the company bank account.
2 - This job is a lot better paid, but away from home and so more expensive to do. Even after the expenses it is still way better paid than the last role.
3 - Family holiday meant that the company funds had dwindled still further due to having 2 weeks off.

Usually I aim to keep a nice amount in the company, but that got used by taking the last role which was badly paid. Hence I am somewhat strapped for cash and not going to see anything from this role until the end of October. Even then it is only going to be for 3 weeks worth of work, 7 weeks into the contract.

How common is it to find an agency who sit on an invoice for 28 days before paying these days? I've not had one for about 7 years.

 

[Ardesco]

I did some work for Lucid a couple of years ago and they sat on it for 6 weeks for the first one and then paid once a month if i remember correctly.

 

[Andyw]

New govm legislation

 

[Flubster]

Options:

1. Read contract before signing
or
2. Go permie

 

[Churchill]

Issue weekly invoices and negotiate with the agency/(client if going direct).

You're a business.

Churchill - In "Off to lick my bollocks and lie down" mode!

 

[DimPrawn]

Get yourself a Tesco 0% APR credit card (on purchases and balance transfers) and live off that until the money comes in.

 

[MarillionFan]

I got stitched by one a little while back by a consultancy.. I didnt invoice for the first five weeks and when I did, 30 days. Plus the ****ers were 10 days late on that.

I had a chat with the PM on the client site and the next thing one of the directors is down at the site having a go at me for slagging them off in front of the client. One of their consultants wrote an email to his boss, while sat opposite me saying that I had been slagging them off.

I could have knocked him out. So I said it again that they were lousy payers. Never did any good though.

 

[AtW]

Every business should have enough cash ready to sustain zero cashflow for at least a year, better 3-5.

 

[MarillionFan]

ATW do you text one of those £1 a text companies with a question every time someone asks one. Cause you're certainly not qualified to answer this one!!!

 

[AtW]

Maybe.

But I am covered from cashflow point of view for at least 3 years in the future without starting making cuts to my (albeit modest) lifestyle.

It is annoying when people don't pay quickly, but it should be a point to whine about, rather than anything serious - sorry Tony, but if you are in this position then you should not be taking holidays in the first place. Of course I appreciate that explaining this to the other half might be a hard thing to do.