payment terms


Did you know that almost 50% of independent contractors have problems getting paid on time? It’s a known struggle among those who work with clients that sometimes sending out an invoice is simply not enough. And combine that with the fact that many do not use client agreements makes it a lot worse. So what can you do to get more consistent payments get paid faster? Here are a few tips: Use a Contract I’m always surprised by the amount of folks providing services without a proper client agreement in place. But on the other hand, this is how business attorneys make money. The phone calls are endless about someone not getting paid because a customer didn’t hold up their end of the bargain. So get it in writing. Start the relationship off right with a well written contract. And don’t use just any bare bones agreement you find online.…

A well drafted contract covers all bases. Business attorneys receive calls requesting “iron clad agreements” or “rock solid contracts” regularly. These descriptions always humor me because ultimately we’re talking words on paper not impenetrable mountains. But, I get it that clients want the strongest protection possible. So what does that look like?  For the average small business, you want the following 5 contract must haves: 1. Detailed Services This section has many names: scope, services or duties. It’s usually the first clause in the agreement and rightfully so. A contract represents a legal exchange of products or services for money. We want to describe that exchange as accurately as possible. What type of service are you providing? What is included / excluded? Will it be delivered all at once or in stages? You want to be as specific as possible so there is no confusion between you and your client…

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