Payment Terms Policy Draft
Set clear terms you can enforce.
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Draft a payment terms policy for my business. What I sell and typical order size: [OFFER_AND_SIZE]. Customer types: [CUSTOMER_TYPES]. Current problems: [CURRENT_PROBLEMS]. Cash flow needs: [CASH_NEEDS]. Return a policy in plain language covering: when invoices are issued; standard terms by customer type (new customer: deposit or prepayment; established: net 14 or net 30); accepted methods and fees; deposits and milestone payments with an example schedule; early payment discount if any, with the cost computed (for example 2 percent for payment in 10 days is roughly 37 percent annualized against net 30); late fees and interest (marked [VERIFY] because limits vary in [JURISDICTION]); disputes (raise within 7 days, in writing); pausing service for non-payment; and refunds. Also provide a two-sentence version for quotes, a clause for contracts to be checked by a lawyer, a customer-facing FAQ of five questions, and an internal rule for who may waive a fee. Keep the whole policy to one page.
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