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Payment terms

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    Payment terms

    Oh Bugger! I have just realised that the contract I have just started pays on a monthly basis (fine with that) and 28 days after the reciept of the invoice - not fine with that. OK I realise it was my fault, but what would you lot do, besides abuse Chico.

    The problems I have are this

    1 - The last contract was cr@p pay and reduced the amount in the company bank account.
    2 - This job is a lot better paid, but away from home and so more expensive to do. Even after the expenses it is still way better paid than the last role.
    3 - Family holiday meant that the company funds had dwindled still further due to having 2 weeks off.

    Usually I aim to keep a nice amount in the company, but that got used by taking the last role which was badly paid. Hence I am somewhat strapped for cash and not going to see anything from this role until the end of October. Even then it is only going to be for 3 weeks worth of work, 7 weeks into the contract.

    How common is it to find an agency who sit on an invoice for 28 days before paying these days? I've not had one for about 7 years.
    Rule Number 1 - Assuming that you have a valid contract in place always try to get your poo onto your timesheet, provided that the timesheet is valid for your current contract and covers the period of time that you are billing for.

    I preferred version 1!

    #2
    I did some work for Lucid a couple of years ago and they sat on it for 6 weeks for the first one and then paid once a month if i remember correctly.

    Comment


      #3
      New govm legislation

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        #4
        Options:

        1. Read contract before signing
        or
        2. Go permie
        Illegitimus non carborundum est!

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          #5
          Issue weekly invoices and negotiate with the agency/(client if going direct).

          You're a business.

          Churchill - In "Off to lick my bollocks and lie down" mode!

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            #6
            Get yourself a Tesco 0% APR credit card (on purchases and balance transfers) and live off that until the money comes in.

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              #7
              I got stitched by one a little while back by a consultancy.. I didnt invoice for the first five weeks and when I did, 30 days. Plus the ****ers were 10 days late on that.

              I had a chat with the PM on the client site and the next thing one of the directors is down at the site having a go at me for slagging them off in front of the client. One of their consultants wrote an email to his boss, while sat opposite me saying that I had been slagging them off.

              I could have knocked him out. So I said it again that they were lousy payers. Never did any good though.
              What happens in General, stays in General.
              You know what they say about assumptions!

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                #8
                Every business should have enough cash ready to sustain zero cashflow for at least a year, better 3-5.

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                  #9
                  ATW do you text one of those £1 a text companies with a question every time someone asks one. Cause you're certainly not qualified to answer this one!!!
                  What happens in General, stays in General.
                  You know what they say about assumptions!

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                    #10
                    Maybe.

                    But I am covered from cashflow point of view for at least 3 years in the future without starting making cuts to my (albeit modest) lifestyle.

                    It is annoying when people don't pay quickly, but it should be a point to whine about, rather than anything serious - sorry Tony, but if you are in this position then you should not be taking holidays in the first place. Of course I appreciate that explaining this to the other half might be a hard thing to do.

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