- 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!
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 "Late payment interest - do contractual terms prevent charging it?"
Collapse
-
So I have two main areas relating to payment terms:
Framework agreement says:
ConsultancyCo shall pay all sums properly due and payable to the Subcontractor in cleared funds within the time period specified in Assignment Order. If no time is specified, it will be 30 working days from receipt of payment for the work from ConsultancyCo's client.
Assignment order says:
Payment to be 45 days after submission of approved timesheet and relevant contractor invoice.
To me, that means the AO trumps the FA regarding terms and late payment interest could be applied.
Leave a comment:
-
Can your client pass on the late payment interest to their client?
If they can then charge them late payment interest.
Leave a comment:
-
I will have a more thorough read through later. I just thought it an interesting angle that the payment can't be late to myCo if the client hasn't made the payment yet.
Leave a comment:
-
I suppose it all depends on what is considered "late". If it's only late after the client is paid then you cannot claim interest.
I would go over the whole contract to see what is in there around payment terms. There are likely more clauses than 'pay when we are paid'.
Leave a comment:
-
Late payment interest - do contractual terms prevent charging it?
I'm on 45 day, paid when the consultancy is paid terms.
The client is being cheeky and delaying payment. The reason is not to do with a lack of cash.
Can I charge late payment interest for exceeding the 45 day part of the terms, even though the contract says I'll only get paid when the consultancy is paid?
To be fair to the consultancy, they're keeping all us contractors in the loop about the efforts they're going to to get the money out of the client. It's more of a thought experiment at the moment.Tags: None
- 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: