Late Invoice Payment Policy

Effective Date: 04/01/2022

This Late Invoice Payment Policy outlines the fees and interest applied to overdue payments for services/products provided by Cannon System Design LLC. By entering into an agreement with Cannon System Design LLC, clients agree to the following terms regarding invoice payments:

 

• Payment Terms: All invoices are due and payable from the invoice due date.

• Late Payment Fee: If payment is not received within 7 calendar days following the due date of the invoice, a flat late fee of $45.00 will be assessed. This fee will be added to the invoice’s outstanding balance.

• Recurring Monthly Interest: In addition to the late fee, a monthly interest charge of 2% will be applied to any outstanding balance, including the late fee, starting on the 8th day past the original due date. This interest will recur every month until the invoice is paid in full.

• Application of Payments: Payments made on overdue invoices will first be applied to the outstanding late fees and interest, with the remaining amount applied to the principal balance of the invoice.

• Suspension of Services: Cannon System Design LLC reserves the right to suspend services or halt delivery of products if an invoice remains unpaid for more than 15 days, in addition to charging the late fees and interest as outlined above.

• Legal Remedies: If payment remains outstanding beyond 45 days, Cannon System Design LLC may pursue collection efforts or legal remedies, and the client will be responsible for any additional costs incurred, including attorney fees and court costs.

• Dispute Resolution: Any disputes regarding an invoice must be communicated in writing within 5 days of the invoice date. Failure to dispute an invoice within this time frame will result in the full amount being due and payable.

 

By engaging in business with Cannon System Design LLC, you agree to adhere to these terms and conditions regarding invoice payments.