Important Payment Terms & Collection Policy In Effect- Please Read Signature Is Required

[gbrown]

FYI- This is what my invoice now states. When I get any assignment, I send this invoice notice out immediately and I wait up to 3 days or until signed, or cancelled. If not signed I won't do it. It shows intent.

All invoices constitute a binding agreement and require signature prior to order acceptance and commencement of services. Work will not begin until this agreement is signed and returned. If the notice is unsigned after 3 days the order will be immediately cancelled.

Payment is due according to the terms stated on the invoice. Accounts exceeding thirty (30) days past due will incur late fees as specified herein.

If any invoice remains unpaid, written notice of default will be issued. If the balance is not cured within fifteen (15) days of such notice, the account may be referred to a third-party debt collection agency.

Accounts remaining unpaid forty-five (45) days from the invoice date are subject to immediate referral to collections without further notice.

All costs of collection, including agency fees, administrative costs, legal fees (if applicable), and any associated recovery expenses, will be added to the outstanding balance and shall become the responsibility of the client, to the extent permitted by law.

These policies are enforced consistently to ensure fairness and sustainability of our services.

By signing below, you acknowledge that you have read, understood, and agreed to these terms.

I believe any business would require the same from you. We must protect ourselves and our business since defaults are on the rise and current market conditions are weak now dictate you must protect yourself and your business.

Appraisers your opinions are welcome.

 

[glenn walker]

I would put it in the shredder if i was the client or potential client. Lol )

 

[Fernando]

Maybe I should have sent such a document.
I'm still waiting for payment from an appraisal I did 20 days ago.
If I don't get paid, I'll never work with that new client.

 

[Zoe]

This my statement on invoices. You have to know usury law where you are located.

"Please pay promptly Payment is due within 30 days. “Accounts not paid within terms are subject to a 0.83% monthly finance charge"

You have to keep sending invoices with late charges applied. Nothing wrong with calling or emailing too.

 

[gbrown]

I would put it in the shredder if i was the client or potential client. Lol )

That's OK for me. Just go scam somebody else is all I'm saying. If you intend to pay then no issues.

 

[gbrown]

This my statement on invoices. You have to know usury law where you are located.

"Please pay promptly Payment is due within 30 days. “Accounts not paid within terms are subject to a 0.83% monthly finance charge"

You have to keep sending invoices with late charges applied. Nothing wrong with calling or emailing too.

I have a collection company now so I want it clear they understand. All the statements is nice but if they don't pay then what is your recourse. Mine is a collection agent. Trust me, they pay real fast when an agent says this bill is going on the business credit file. They call mad and angry but I don't care.

 

[Tom4value]

It would depend on the client. If it is a non-lending, one off, non-time sensitive job, yes, I would use it. I would not use it for lenders. First, 3 days before you even make a call to schedule? Probably a deal breaker for the client. 2. Who is going to sign it? The person ordering the appraisal has a job of ordering an appraisal. That is usually it. They “don’t get paid enough” for the responsibility of signing it. Will they take the time to find the person who has the authority of accounts payable to sign it? I doubt it. 3. Lenders have their own powers that be to regulate them and they come down hard on lenders who don’t pay. With a few exceptions, it is not necessary.

 

[Zoe]

That's OK for me. Just go scam somebody else is all I'm saying. If you intend to pay then no issues.

I have no problem with that. On many commercial appraisals I have performed, a certain amount was required up front with other conditions before the appraisal started.

The appraisal never got started if the conditions of engagement did not get met. I had money in my pocket. Fine, cancel. You ain't getting your money back.

You just hired me and canceled and certain other ramifications on liability relative my end based on engagement. I will refund your money and that is limit of my liability.

You signed engagement letter.

 

[gbrown]

It would depend on the client. If it is a non-lending, one off, non-time sensitive job, yes, I would use it. I would not use it for lenders. First, 3 days before you even make a call to schedule? Probably a deal breaker for the client. 2. Who is going to sign it? The person ordering the appraisal has a job of ordering an appraisal. That is usually it. They “don’t get paid enough” for the responsibility of signing it. Will they take the time to find the person who has the authority of accounts payable to sign it? I doubt it. 3. Lenders have their own powers that be to regulate them and they come down hard on lenders who don’t pay. With a few exceptions, it is not necessary.

I understand this is my policy. I go by the company who orders the appraisal is the responsible party for the payment and anyone who has authority can sign since the debt goes to the company and not to the individual. The decision who has rights in a company to occur services is determined by the company policy. This is just an acknowledgement that the appraisal is a debt. You can customize it anyway you want. My intent is to help others who maybe having issues with non payers and to discuss what we should do to protect ourselves.

 

[Mark K]

If you can get your clients to agree, good for you.

I would have lost the majority of my clients in the last 10-15 years of my business if I'd tried to have them agree to those terms. Most of my clients were fairly good-sized engineering companies, R/W companies, etc. Their contract terms, that I signed, said that I would get paid within 30 days after they got paid.

Process was something like this: 1. Complete appraisal(s), 2. submit report to client 3. client sends report out for a review, 4. review appraiser approves it and returns to client (unless there's necessary changes in which case, go back to #1), 5. client submits to state, 6. DOT approves it and submits invoice to auditor, 7. auditor approves and sends to treasurer, 8. Treasurer writes a check to client, 9. Client writes check to appraiser. You can guess how long each step took.

If I'd insisted on special terms, they would have told me to take a hike. They were great clients and always paid, sometimes it took a few months but never got stiffed. These checks were for anywhere from 5X to 50X the typical SFR fee and yeah, I will admit I was anxious a couple of times but that's the way the game is played.