charge a standard fee for collection costs of €40.When your customer fails to payĭid you deliver goods or services and has your customer not paid your invoice in time or not at all? You have the right to: The central government in the Netherlands uses the General Government Terms and Conditions. This period can only be extended to 60 days in extraordinary circumstances. Governments must pay the invoice within 30 days of receiving it. There are legal payment terms for contracts between companies and governments. Contracts between companies and governments It depends on the number of employees, the annual revenue, and the balance sheet if your company is considered an SME or a large company. Large companies must pay the invoice to SMEs or self-employed professionals (zzp’ers) within 30 days. If you did not specify a payment term, the payment term is 30 days.You may set a longer payment period of up to 60 days in the contract if you can demonstrate that this is not harmful to either party.The legal payment term for companies is 60 days, unless you have made other arrangements and specified these in the contract.There are other rules for large companies to pay their SME clients.
Payment terms for agreements between companies are laid down in the European Directive for combating late payment in business dealings. Payment term for business-to-business (B2B) contracts You specify this payment term in the contract or general conditions. As an entrepreneur you can set a reasonable payment term for consumers yourself. There is no legal payment term for consumers. The payment term is usually detailed in the general conditions of the contract. If you deliver to companies or governments you must comply with the legal maximum payment terms. If you deal with consumers, you can decide on the payment term. Using the formula, an invoice in the amount of $1,500 paid 10 days late and at an interest rate of 6.625% would be calculated as follows: $1,500 (.066/360*10) = $2.75.If you sell products or provide services, often a payment term is determined. d is the number of days for which interest is being calculated.įor example, if payment is due on April 1 and the payment is not made until April 11, a simple interest calculation will determine the amount of interest owed to the vendor for the late payment.r is the Prompt Payment interest rate and.P is the amount of principal or invoice amount.This is the formula the calculator uses to determine simple daily interest: P(r/360*d) Please enter the Prompt Payment interest rate: If a payment is more than a month late, use the Monthly Compounding Interest Calculator. If a payment is less than 31 days late, use the Simple Daily Interest Calculator. To use this calculator you must enter the numbers of days late, the amount of the invoice in which payment was made late, and the Prompt Payment interest rate, which is pre-populated in the box. The following on-line calculator allows you to automatically determine the amount of simple daily interest owed on payments made after the payment due date. Please enable JavaScript to use all features. Some features of this site will not work with JavaScript disabled.
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