Payment terms & conditions

[nuelec]

Hi all. Ive been running my own business for several years now & the projects coming my way are starting to get larger with a higher percentage of material outlay, so good cashflow is essential to keep funding the projects. until now i havent used terms of payments & so far no one failed to pay (luckily) I usually do a 1st fix & 2nd fix payment in roughly 2 equal halfs or several stage payments for the larger jobs. But now im thinking that i need some safeguards in place, especially when dealing with larger organisations. 1 large unpaid invoice is enough to sink a small business & is a real concern for me, especially in this climate.
Anyone know where i can get some sample contracts to download? Do you use them? & how much small print is needed. best to keep it simple i think, outlining terms of stage payments etc invoices to be paid within 30 days & so on. Any advice is appreciated

 

[D80]

Your scheme provider should have sample contracts that you can use.

 

[Megavolt]

Sadly we have not been so lucky.Now all jobs sign are t&c before work starts. Payment terms depend on job. Under £4k and if we have not worked for them before it is full payment for parts upfront and the rest to be paid to engineer on completion. I can not post are t&c as I they cost a lot to get made up by a solicitor. If you are looking for a dedicated set of t&c I would find a good business solicitor near you and he will do you a couple up as different jobs require slightly different t&c to be bullet proof.