Invoice: A document that itemizes the goods or services sold, including their respective prices and payment terms. It serves as a bill that outlines the purchased items and their corresponding costs.
An invoice is a document that outlines the goods or services provided by a seller to a buyer, serving as a bill of costs. For instance, when purchasing a new laptop, the store will provide an invoice detailing the laptop’s price, applicable taxes or fees, and payment terms. Similarly, if you hire a plumber to fix a leaky faucet, they will send you an invoice specifying the service cost, any utilised parts, and the payment due date. These examples demonstrate the purpose of an invoice in documenting transactions between buyers and sellers, ensuring a clear record of the purchased items, their respective costs, and the payment deadline.
Yes, you can charge interest on overdue invoices, but it is important to have a written agreement or contract in place that specifies the interest rate and terms.
Generally, you cannot refuse to pay an invoice solely based on dissatisfaction with the goods or services. However, if there is a breach of contract or the goods/services do not meet the agreed-upon standards, you may have legal grounds to dispute the invoice.
Yes, it is generally legal to charge a late fee for overdue invoices, but it is important to have a clear late fee policy outlined in your terms and conditions or contract.
Yes, you can send a demand letter for unpaid invoices to remind the debtor of their obligation to pay. It is often a good first step before pursuing legal action.
Whether you can charge sales tax on your invoices depends on the applicable tax laws in your jurisdiction. It is important to consult with a tax professional or attorney to ensure compliance.
Yes, you can issue an invoice without a formal contract. However, it is always advisable to have a written agreement or contract in place to clearly define the terms and conditions of the transaction.
Charging a fee for duplicate invoices is generally not illegal, but it is important to have a clear policy in place and inform your clients/customers in advance.
If you believe an invoice is incorrect or contains errors, you have the right to dispute it. It is advisable to communicate your concerns to the invoicing party and try to resolve the issue amicably.
Yes, you can offer a discount or incentive for early payment of an invoice. However, it is important to clearly communicate this policy to your clients/customers in advance.
Charging a fee for accepting credit card payments on invoices may be subject to specific laws and regulations, such as those imposed by credit card companies or local consumer protection laws. It is important to review these regulations and consult with a legal professional to ensure compliance.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 17th April 2024.
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