As a freelancer, you often order services that will help your business. However, sometimes, you are overdue with your payment. Have you ever looked in your payment bill and seen the phrase “net60”?
What is Net60?
Net60 is a term in contracts or invoices indicating that customers have 60 days remaining to pay their overdue bills. The seller wants to explain when and how customers should pay the invoice.
Due Dates and the Law for the Bills
In law cases, customers are bound to pay their bills within a specific time. This may be true for government or government-related contracts or contracts in certain jurisdictions. For example, paying off your clients in New York City as soon as possible after they perform the services is essential.
It is fair enough to know the law where you are doing your business to help you with your billing practices. Every state has different rules for different billing sections.
After leaving Wells Fargo Bank in 2014, Daniel began a career as a finance consultant, advising companies and individuals on economic policy, labor relations, and financial management.
At Promtfinance.com, Daniel writes about personal finance topics, value estimation, budgeting strategies, retirement planning, and portfolio diversification.
Read more on Daniel Smith's biography page.
Contact Daniel: daniel@promtfinance.com