Bigger contracts

[Marc]

11 hours ago, arbogrunt said:

I have a 25% surcharge on overdue accounts in my T and Cs....14 days on domestic work, 28 days on commercial....pay late, pay more.

What if the payment terms are 90 day’s? Do you just not accept the work?

[skyhuck]

27 minutes ago, Marc said:

What if the payment terms are 90 day’s? Do you just not accept the work?

I don't.

 

They only do it because people accept it.

[Burgess]

Ill only go over 30 days if it's purchase ordered.

 

Longest is paid the first friday of the first full week of theesecond month after the end of the works i.e. work done now would be paid on December 8th

[Marc]

6 hours ago, skyhuck said:

I don't.

 

They only do it because people accept it.

Do they though? Some of the companies we work for turnover 1.5b we are but a spec of sand on the beach I imagine the effort of processing all that turnover takes a bit of time...

 

We were audited before being awarded the works, checking our financial stability and made very clear payment terms were 90 day’s, although exceptions can always be made. We were comfortable with it so rolled with it.

Of course P.O’s raised and price fixed contingencies must be worked in as going cap in hand asking for more is frowned upon.

 

Having worked with various large companies some are better than others, being audited is both daunting and refreshing, simply put if our books showed we were not capable of taking on the works either we would be awarded or other schemes are available for early invoicing...

 

generally its its best to just understand their payment terms if it doesn’t suit your cash flow don’t put yourself at risk - challenge the payment terms and move forward.

 

We had a savage beginning of the year where we were owed a substantial amount but it did not concern us we knew the risk we undertook.

[Marc]

6 hours ago, skyhuck said:

I don't.

 

They only do it because people accept it.

Do they though? Some of the companies we work for turnover 1.5b we are but a spec of sand on the beach I imagine the effort of processing all that turnover takes a bit of time...

 

We were audited before being awarded the works, checking our financial stability and made very clear payment terms were 90 day’s, although exceptions can always be made. We were comfortable with it so rolled with it.

Of course P.O’s raised and price fixed contingencies must be worked in as going cap in hand asking for more is frowned upon.

 

Having worked with various large companies some are better than others, being audited is both daunting and refreshing, simply put if our books showed we were not capable of taking on the works either we would be awarded or other schemes are available for early invoicing...

 

generally its its best to just understand their payment terms if it doesn’t suit your cash flow don’t put yourself at risk - challenge the payment terms and move forward.

 

We had a savage beginning of the year where we were owed a substantial amount but it did not concern us we knew the risk we undertook.

[roseyweb]

I find waiting 90days for payment with commercial is less hassle than having to go around collecting multiple cheques and cash from multiple domestic clients. 

I guess firms who do mostly commercial get a majority of work from a small pool of clients 

 

[Mark Bolam]

I think that's fine when you get into the cycle of it, and get over the first 90 days.

 

Cheques are a thing of the past for me. Domestics either pay cash before we leave or do an online transfer. Sod going out collecting anything.

[arbogrunt]

10 hours ago, Marc said:

What if the payment terms are 90 day’s? Do you just not accept the work?

90 days?...no thanks!

 

[Marc]

1 hour ago, arbogrunt said:

90 days?...no thanks!

 

Your missing out....

 

Like Mr Bolam has said once your I To the swing of it and factor it in it becomes a non issue.

For me if they pay the rates I want then great, 90 day terms are not a big deal.

 

I also audit the companies I work for... having had bad experiences it becomes fairly easy to work out which ones are good, bad or unknown.

[skyhuck]

Just now, Marc said:

Your missing out....

 

Like Mr Bolam has said once your I To the swing of it and factor it in it becomes a non issue.

For me if they pay the rates I want then great, 90 day terms are not a big deal.

 

I also audit the companies I work for... having had bad experiences it becomes fairly easy to work out which ones are good, bad or unknown.

Not necessarily. I'm in the fortunate position that I get offered far more work than I want to do. So I'd sooner work for those who pay in a timely fashion. What would be your cut-off point? 6months? 1year? 2years? 

 

As I say, for me its the principle, 30 days should be plenty long enough for anyone, IMO.