Payment terms

[MarillionFan]

Cold beans from a tin, rooting in bins for scraps, light and heat from a candle and stealing electricity from the house next door to your squat. Surely you can make that £20 last 5 years?

[MarillionFan]

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[Swamp Thing]

Back to the point. Tony, this is a B2B relationship. I'm sure with the right negotiation the client will compromise 1/2 way. Say 14 days from receipt of invoice.
IME, the client has often taken a contract template when agreeing terms and not bothered to adapt the standard 30 days to suit the circumstances of contractors. Or just left them in as a salami-slicing tactic, in the expectation that you will come back to cut the number of days. It's just business, you won't lose your contract by challenging it. It just needs some gentle pointing out on the phone. Quite honestly, in terms of cashflow, this is likely to be an insignificant matter for them, c/w all the other outgoings in their business. I'm not dissing your dayrate - it's just the way it is.

HTH

[BoredBloke]

The reason why I didn't pick up on the payment terms is because they were not on the contract. There is a clause which states "in accordance with the terms set out below in Schedule 1" but there is no Schedule 1. I have the document with schedule 1 listed in the index, but there is no schedule 1 in the document. It was the person who emailed the timesheet template to me who pointed out the payment terms.

Yes I know that I should have checked these things out - but in all these years contracting this is the first time I have cocked this particular bit up. Payment is afterall the reason I am doing this.

I have left a message to get the agent to ring me. I will start along the tack of "I never agreed to these terms". Ultimately if they don't play ball then I cannot do the contract and so would lose the lot.

I am 'happy' to adopt their payment terms after a certain amount of time, but not at the outset when I simply cannot.

[AtW]

Separate Schedule 1 to contact would need to have your signature - if you have not signed it then it is good time to negotiate.

[BoredBloke]

Have not signed anything yet ) although it is much better to negotiate before stepping foot onto the client site.

[AtW]

Just be reasonable and you should be fine unless they are complete jackarses. They probably like paying at the end of the month with full payroll, might be too late for this month though, but should be okay for next.

Good luck - and explain your wife/gf that there will be no more holidays until your business has enough cash in bank to last 3-5 years without work just in case something happens. I am sure she will understand.

hth

[lukemg]

Seen a few posts now saying this. My first thought is always 'are these people living hand to mouth' ?
I accept that virtually everyone is living beyond their means and desperate to get the next paycheque but as a contractor, you must be mad to do so for a number of reasons:
- Any delay in payment means all your finances are stuffed, mortgages, loans ?
- You will have very few options concerning work as you need the money yesterday so must take anything offerred ?
- How can you sleep on the edge of that cliff ?
Always, always have a warchest stashed to cover delays and gaps in earning.
Yes, I want the cash as soon as, but as long as it's on the way, a few weeks will not see me destitute and once on the normal schedule, there is a nice bonus coming in a month after the contract ends (which you will have got used to not having !)

[Ardesco]

Good luck - and explain your wife/gf that there will be no more holidays until your business has enough cash in bank to last 3-5 years without work just in case something happens. I am sure she will understand.

By this statement I am sure you have no wife, and currently don't have a steady girlfreind...

I told my wife she'd have to wait for something a couple of years ago and still have the scars to prove it!!

Women don't do patience, they want instant gratification instead.

[BoredBloke]

"Seen a few posts now saying this. My first thought is always 'are these people living hand to mouth' ?"

As I said - I did have funds but most got eaten away by taking a role which didn't pay well at all - my choice. Also a big tax bill at the start of the year didn't help either! As a result my funds were already low. The job I have now, although not great pay by some of your standards is the best cash I have ever got, so I fully expected the funds to be topped up by this role.

Also, this role is mine for as long as I want it (so I've been told)