Morson and Hays are weekly.
Current project going direct via a framework - anything up to 7 weeks.
Current client hasn't set anyone up to approve my invoices so I have to wait for the frameworks 'auto-approval' after 3 weeks, then it's 4 weeks for the money to flow through to me. In theory, I could 'up' my invoice to anything I want rather than stick to my agreed milestone amounts!
- 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!
Reply to: payment terms- 45 days versus 30?
Collapse
You are not logged in or you do not have permission to access this page. This could be due to one of several reasons:
- You are not logged in. If you are already registered, fill in the form below to log in, or follow the "Sign Up" link to register a new account.
- You may not have sufficient privileges to access this page. Are you trying to edit someone else's post, access administrative features or some other privileged system?
- If you are trying to post, the administrator may have disabled your account, or it may be awaiting activation.
Logging in...
Previously on "payment terms- 45 days versus 30?"
Collapse
-
In practise, on 45 day terms, you still receive a monthly payment, it's not 45 days between payments. Waiting for the first one to come in can feel painful if you've had a long gap. There's also the 'bonus' that you get paid long after the contract has ended, which can help smooth over any break in gigs or early hiccups with a new client.
Leave a comment:
-
I'd prefer to get paid monthly, but am with Hays at the moment who pay weekly.
Leave a comment:
-
Originally posted by PerfectStorm View Post
Do you turn down a lot of contracts then? Weekly's the same as monthly if you have a warchest...
Imagine turning down paid work for some sense of regular cashflow... I know what I'd do
Leave a comment:
-
I've had everything from near instantaneous payment (like, within a few hours of invoice received - small business obv.) to 90 days, the latter involving a couple of layers of subcontracting and, with that one, 10% of all invoices were withheld until all deliverables met - was a cool project, though. So, yeah, varies dramatically. Nothing unusual about 45 days, but perhaps they're leaking outwards with covid cashflow issues, dunno - haven't noticed it myself.
Leave a comment:
-
Longest I've had was three weeks. Shortest was next day on receipt of invoice!
Leave a comment:
-
Originally posted by cannon999 View PostPayment terms like everything is negotiable. I personally don't accept contracts that don't pay weekly
Do you turn down a lot of contracts then? Weekly's the same as monthly if you have a warchest...
Imagine turning down paid work for some sense of regular cashflow... I know what I'd do
Leave a comment:
-
Originally posted by BigDataPro View Post
As for as I am aware the only agency that is happy to pay weekly is TEK Systems. Any decent sized direct client won't pay weekly due to additional admin burden.
Agencies will do things they way they want to. Personally I would expect an agency to pay on 7 or 30 day terms and no later but consultancies and end clients get different T&Cs.
Leave a comment:
-
I've had a variety of terms over the years.
I generally don't care what the terms are, as long as the client / agency stick to those terms.
I have been very lucky in that the few times payments were delayed wasn't because of client / agency games but just a break down in the process with everything being swiftly resolved with the magic words "I won't doing any more work until you pay up".
Leave a comment:
-
Recently its crept up to 60 but the agency will usually pay you in 30.
Leave a comment:
-
Originally posted by cannon999 View PostPayment terms like everything is negotiable. I personally don't accept contracts that don't pay weekly
Leave a comment:
-
Originally posted by cannon999 View Post
Two but why does that matter? If they don't agree to it then just don't take the job. As a software contractor in the current market I can find someone that pays promptly and pass on those that drag their feet
prompt payment is not the be all and end all of business. When I work to a SoW I invoice based on deliverables. That often means that I won't bill for months. 7, 14, 30, 45 makes no odds at that stage. I don't have a cashflow problem.
If you're a bum on seat resource, and short payment terms are needed, most clients (not all, there's two that don't) would rather put someone through an agency. Most clients I've worked with wouldn't entertain anything quicker than net monthly as that fits their admin cycles.
And to suggest that these clients are dragging their feet is simply failing to understand how businesses back office functions work.
Leave a comment:
- Home
- News & Features
- First Timers
- IR35 / S660 / BN66
- Employee Benefit Trusts
- Agency Workers Regulations
- MSC Legislation
- Limited Companies
- Dividends
- Umbrella Company
- VAT / Flat Rate VAT
- Job News & Guides
- Money News & Guides
- Guide to Contracts
- Successful Contracting
- Contracting Overseas
- Contractor Calculators
- MVL
- Contractor Expenses
Advertisers
Contractor Services
CUK News
- Streamline Your Retirement with iSIPP: A Solution for Contractor Pensions Sep 1 09:13
- Making the most of pension lump sums: overview for contractors Sep 1 08:36
- Umbrella company tribunal cases are opening up; are your wages subject to unlawful deductions, too? Aug 31 08:38
- Contractors, relabelling 'labour' as 'services' to appear 'fully contracted out' won't dupe IR35 inspectors Aug 31 08:30
- How often does HMRC check tax returns? Aug 30 08:27
- Work-life balance as an IT contractor: 5 top tips from a tech recruiter Aug 30 08:20
- Autumn Statement 2023 tipped to prioritise mental health, in a boost for UK workplaces Aug 29 08:33
- Final reminder for contractors to respond to the umbrella consultation (closing today) Aug 29 08:09
- Top 5 most in demand cyber security contract roles Aug 25 08:38
- Changes to the right to request flexible working are incoming, but how will contractors be affected? Aug 24 08:25
Leave a comment: