Nonpayment and Late Fee Policy for IDM Signs & Graphics
Effective Date: 01/01/2024
At IDM Signs & Graphics, we strive to provide the highest quality products and services. To maintain this standard and ensure smooth operations, we have established the following policy regarding nonpayment and late fees.
Late Payment Fees:
In instances of late payment for any product or service provided by IDM Signs & Graphics, a late fee of 10% of the total balance owed will be added to the invoice each week until the balance is paid in full.
Nonpayment Consequences:
If a payment remains outstanding for 45 days without any acknowledgment or effort to make payment, an additional fee of $1,500 will be automatically applied to the total amount due. This is in addition to the accumulated late payment fees (10% per week).
Legal Action:
Should the balance remain unpaid after 45 days, IDM Signs & Graphics reserves the right to initiate legal proceedings to recover the full amount owed, including the original balance, accumulated late fees, and the additional $1,500 nonpayment fee.
Responsibility for Legal Costs:
In the event of legal action, the client will be responsible not only for the outstanding balance, including all fees, but also for any legal expenses incurred by IDM Signs & Graphics, including attorney fees.
Communication and Payment Plans:
We understand that unforeseen circumstances can affect timely payments. We encourage clients facing difficulties to communicate with us at the earliest opportunity. We are willing to discuss potential payment plans to avoid the escalation of fees and legal proceedings.
This policy is intended to ensure that our business operations can continue to serve all our clients effectively. By engaging with our services, clients agree to adhere to this Nonpayment and Late Fee Policy.