The following areas should be covered in your
Terms & Conditions
It is imperative from day one that you clearly define to your customer the terms & conditions that you operate under, it is just as important to get your customer to sign and agree to be bound by your terms & conditions, confirming that the signatory is authorised to do so.
Data Protection
To carry out any search on a new customer now or later who is an individual /sole proprietor/ partnership/partners/ directors/previous directorships you need the data subject (the customers) permission. therefore you need a total data protection waiver that allows you to carry out a search now or later, Your clause should stipulate the following. We may, from time to time, carry out credit searches, now and in the future, for the purpose of assessing credit limits and fraud prevention. Payment performance information may be shared with credit reference and other relevant agencies for these legitimate business purposes, in accordance with applicable Data Protection legislation
Debt Recovery Costs
Providing your debt is strictly business-to-business, the Late Payment of Commercial Debts Regulations allow you to charge your debtor statutory interest (8% above the Bank of England base rate) together with reasonable debt recovery costs. These charges apply as a matter of law and may be charged even where legal proceedings were not required to secure payment of the principal sum. If the capital amount is paid but the recovery costs remain outstanding, you retain the right to pursue legal action for those costs alone.
Withholding Undisputed Sums
The law does not allow a Customer to withhold payment of undisputed amounts simply because part of the invoice is disputed. This applies whether the dispute relates to the same invoice or to invoices issued at a different time. For example, if an invoice totals £5,000 and the Customer only disputes £1,000, they are still legally required to pay the undisputed £4,000 on time. Only the specific amount genuinely in dispute may be withheld while the issue is investigated.
Our expert legal team is ready to provide tailored guidance for your specific business needs and challenges.
NPD & Co. specializes in legal matters related to Debt Recovery and Commercial Credit Control. While not a traditional law firm, they expertly apply laws concerning late payment legislation (such as the Late Payment of Commercial Debts Act) to ensure your customer becomes fully liable for all debt recovery costs from the first day of engagement.
Can I get a free consultation?
Yes. NPD offers a Free Advice/Consultation to discuss your specific debt problem. You can contact them today to explore simple steps and strategies for utilizing current late payment legislation to your advantage.
How long does it take to review terms & conditions?
If you need urgent assistance, NPD can start working on your debt recovery case immediately. The website indicates they can begin the process of recovering your debt today upon instruction.
