Guide to payment terms

    Guide to payment terms

    Known by the invoice due date It is necessary for both the professional or the company to know the terms of the payment request, and for the client, so that he does not find additional interest. Depending on the services, some time may pass between the bill being issued and the credit being credited. In some cases, the expiry date is clearly indicated on the invoice form, but often this indication is not there, which sometimes creates doubts and misunderstandings.

    When is the invoice due?

    The reason every time we find ourselves having to pay bills with different terms is precisely because there is no specific term defined by law. In some cases the service is paid and an invoice is issued contextual, for example when shopping in some store. Other times, the payment is equal former Upon receipt of the invoice, as with online shopping, when the invoice is sent directly with the goods. However, the absence of a general rule does not imply the discretion of the customer in the payment procedure, but rather to understand how to act, it is necessary to evaluate each specific case.

    A guide to bill payment terms

    The requirement to pay the bill is not predetermined by the statutes or reference rules, however, there is a deadline within which the bill must be paid, under the penalty for arrears and the addition of interest. Thus, the time by which the bill must be paid is determined a contract concluded by both parties. The contract does not have to be formal and written, but it can also be made verbally and can contain various payment related details.

    For example, through a file oral contract It is possible to agree deferred payment, for example by deposit and balance on completion of the service. In any case, any condition agreed upon by the parties applies, and in its absence, payment must be made at the same time as the conclusion of the contract.

    In fact, it is a legal principle that everyone applies in daily life without paying attention to it and asking too many questions. In most everyday purchases, it’s actually the payment directRegardless of whether the invoice is issued. This happens when the gods are fulfilled consensual contracts (the category to which the sale and rendering of services belongs) in respect of which the legal obligation arises when the parties provide for by mutual consenteven implicitly.

    This does not exclude the possibility of stipulating different payment terms, which, however, must be clarified during the agreement. For example, a professional can offer the service of dividing payments into tranches according to themselves. Often the terms agreed upon are equal 30 or max 60 dayssimply due to the fact that these are the terms applied for bill settlement before Public Administration. The latter, in contrast to private individuals, is in fact subject to a specific term for settlement of bills.

    When do bill payments become due?

    The deadline by which the invoice must be paid is central to an account prescriptionafter which the customer is no longer obligated to pay. The credit shown on the invoice is specified, so the statute of limitations depends on the type of service and is equal to:

    • 10 years to sell goods or perform services;
    • 5 years To implement periodic activities whose payments must be made at least once a year;
    • 3 years to pay professionalssuch as doctors, lawyers, and employment counsellors;
    • one year for sales agent billing;
    • One year for transfer
    • one year for private schools and gyms;
    • one year for construction works and renovations;
    • 6 months for accommodation in accommodation facilities, such as bed and breakfasts and hotels.

    The statute of limitations begins to run from the term of payment, but may be interrupted by a reminder carried out by the creditor. Indeed, the bill does not regulate the relationship between the two parties, but it is nevertheless a financial document that proves indisputably the existence of credit. As a result, a defaulting customer may be subject to paying interest on the arrears and even obligated to pay Compensation for damages for expenses incurred by the creditor.

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