How many days does my business get to submit an invoice due for services rendered?
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How many days does my business get to submit an invoice due for services rendered?
Asked on February 3, 2015 under Business Law, South Carolina
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 9 years ago | Contributor
There is no deadline or time frame in the law. Theoretically, you could do so anytime within three (3) years, which is the "statute of limitations" for contracts (including oral/verbal ones) in your state--that is, the maximum time during which you could bring a legal action to try to collect if not paid for services you agreed to provide. However, there are practical reasons, as well as some legal doctrines, that make it very unwise to wait that long. That said, again, there is no hard-and-fast deadline in the law other than the statute of limitations, so you should follow whatever is customary for your industry. ("Net 30" is probably the most common payment terms overall.)
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