Originally posted by SimonMac
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Reply to: Payment Terms for B2B
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Previously on "Payment Terms for B2B"
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I spoke to soon, just got my new contract through and its monthly billing 30 days payment, oh hum
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It's a difficult question to answer and all depends on the negotiations. The best way is to give an example of my last two consultancy contracts:
1. 3 month consultancy exercise with set deliverables at 2 pre-agreed milestones. Payment terms: Cheques handed over for 5% entire invoice on signature, 10% on agreed first day, 35% on first milestone completed (no assessment), 35% on second milestone met (no assessment) and the last 15% on presentation of final report.
2. 6 month consultancy exercise with only one final core milestone pre-agreed. Payment terms: 14 day payment after receipt of invoice. Invoice milestones: 10% on signature, 10% on first day, 5x10% monthly invoices, 20% on presentation of final report, 10% non-refundable retainer paid at end to cover 3 months of email Q&A on their implementation.
Contractor invoicing is far simpler and far less of a pain to administer. Throw off an invoice and timesheet, wait until due payment day and chase if it's not there.
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I have 2 B2B contracts at the moment.
They are both monthly invoicing with 30 days payment terms. Oddly, one of them I invoice at the start of the month before I've done any work. They asked me whether 'that will be acceptable'?
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Originally posted by Big Bird View PostWhat is the most common payment terms in the UK?
You can get immediately after the bill is sent up to 180 days.
You need to work out the minimum you can get away with, and factor in the fact you may need to take up to 3-6 more months to get the money out of late payers.
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Originally posted by Big Bird View PostWhat is the most common payment terms in the UK?
My understanding is monthly billing, payment in 21 days.
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I think weekly billing and 7 day payments is very rare, but doesn't mean its impossible, most I have seen are four weekly billing and 7 day payment
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Payment Terms for B2B
What is the most common payment terms in the UK?
My understanding is monthly billing, payment in 21 days.
Is it rare to have weekly billing, payment in 7 days?
Please advise.Tags: None
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