Many businesses use standard terms of business which may be missing vital clauses which could make it quicker, easier and cheaper to recover your late payments.
• Recover your own credit control or administrative costs
• Recover the costs of pre-Legal steps such as a Letter Before Action
• Recover Legal costs in a Small Claims Track case
• Recover higher than usual costs in Fast Track and Multi Track cases
As an example, inserting a Late Payment Clause could allow you to claim interest at 8% above base as well as a fixed sum of between £40 - £100 for every overdue invoice.