What is a reasonable amount of time for a business to submit a bill to a customer and expect to collect it?
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What is a reasonable amount of time for a business to submit a bill to a customer and expect to collect it?
Asked on February 19, 2012 under Bankruptcy Law, Pennsylvania
Answers:
Michael Duffy / Duffy Law, LLC
Answered 12 years ago | Contributor
Usually the payment terms are stated on the bill or invoice, and can be any amount of time agreed upon by the buyer and seller. If there are no payment terms agreed upon, generally payment is due on receipt. Reasonable efforts must be made to collect the debt directly before it is submitted to a collection agency or legal action is taken.
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