Is there a law stating the timeframe that a company has to provide you an invoice and timeframe to pay the invoice after receipt?

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Is there a law stating the timeframe that a company has to provide you an invoice and timeframe to pay the invoice after receipt?

I wanted to know if it is legal for a company to provide you with an invoice and only provide you with 9 business days to process payment. For example, the vendor provides the bill on the 15th of every month and expects a payment at the 1st of every month. The contract states the bills is due on

Asked on July 30, 2018 under Business Law, Florida

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

There is no law on this subject: it is essentially a "contractual" matter, or determined by the terms of sale (or service) which you are considered to have agreed to if you buy goods or services with knowledge of when payment is expected. Since you evidently know when they expect payment, you are held to those terms and must pay within the indicated timeframe. If that does not work for you or your cash flow, you will need to look for a different vendor.


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