| Claiming Back Penaties | ||
| Entitlement to Sue | ||
| Entitlement to Late Payment Interest and Late Payment Compensation arises immediately a debt is overdue. It is not lost when the debt is later paid. You remain entitled to late payment interest between due date and paid date and to late payment compensation for every late paid invoice in the last 6 years, regardless of the fact that the debts have been paid. | ||
| Is it Practical? | ||
| O.K it is not the best way to win friends and influence people. But consider a customer with a history of late payment using its purchasing power to force you to put up with payment way beyond agreed terms or it will change supplier. | ||
| The 'penalties' claims engine will calculate the true late payment 'balance sheet' between the companies. The threat to 'go elsewhere' can be expensive for them too. This is a bargaining chip giving you leverage with your customer you would not otherwise have. | ||
| If the customer does 'go elsewhere' at least you have substantial recompense for poor payment performance previously. | ||
| Further Information: | ||
| The discretion to disallow Late Payment Interest. | ||
| The effect of delay on a claim for Late Payment Interest. | ||