North Carolina Sample Letter for Payment Schedule
Description
How to fill out Sample Letter For Payment Schedule?
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FAQ
In 1982, Congress passed the Prompt Payment Act to require Federal agencies to pay their bills on a timely basis; to pay interest penalties when payments are made late, and to take discounts.
Although the set limit for private projects often relates to their contract with the owner, there are limits for subcontractors and others throughout the chain, which is typically seven days from the date the general contractor receives payment.
In North Carolina, neither ?pay when paid? (i.e., contractor reserves the right to withhold payment to subcontractors until such time as the contractor receives payment from the owner) nor ?pay if paid? (i.e., contractor reserves the right to withhold payment to subcontractors and only pay them if he is paid by the ...
Notwithstanding any other payment clause in this contract, the Government will make invoice payments under the terms and conditions specified in this clause. The Government considers payment as being made on the day a check is dated or the date of an electronic funds transfer (EFT).
The prompt pay law requires that insurers allow at least 180 days from the date of service or discharge for a claim to be filed, but they may allow more time than that. No distinction is made in the law for primary or secondary coverage.
Here are the general elements that should be incorporated into your letter: Today's date. Client's contact information. Your contact information. Greeting with client's name. Brief description of services rendered and price. Your payment details. Payment due date. Terms and conditions including late fees.
