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ForumTopics: Budgets/ContractsLate payment fee

Late payment fee

FDL@fdl

9 Posts

#1 · August 5, 2022, 2:34 pm

Anyone have any luck with adding late payment fees to the contract. I have been told this is a deal breaker. If you have had luck, will you share a sample of your wording?

brad@brad

184 Posts

#2 · August 5, 2022, 5:22 pm

We've been contemplating this heavily. I'm going to share this for some visibility.

Hightower Clinical / Note to File Podcast / Existential Dilettante / "Specialization is for insects"

brad@brad

184 Posts

#3 · August 5, 2022, 10:08 pm

Looks like a little conversation here: https://www.linkedin.com/posts/bradleyhightower_late-payment-fee-activity-6961371074680823808-AQH6?utm_source=linkedin_share&utm_medium=android_app

Hightower Clinical / Note to File Podcast / Existential Dilettante / "Specialization is for insects"

Guest

#4 · August 6, 2022, 2:10 am

In the UK the National Hospital Systems mandate a 3 percent late fee for all payments that are past due. It is possible in the world and CROs are well aware of this. In the US, however, it is not a standard unfortunately. Other options are to track the bad behaviors and get higher overall overhead rates. We have successfully negotiated overhead as high as 53 percent as a result. Needless to say sponsors reconsider late payments.

Guest

#5 · August 6, 2022, 5:55 pm

I had the most ridiculous CTA come across that had 90 day payments with the payment being promised within 45 days after the 90 day point and on top of that the payment would be a hand written check snail mailed to the site!! I couldnt believe what I was reading. I actually laughed out loud!

FDL@fdl

9 PostsTopic Author

#6 · August 8, 2022, 9:35 pm

Thanks for the info Brad and others. I will let you all know if any of the techniques work.

brad@brad

184 Posts

#7 · August 9, 2022, 3:25 pm

Quote from FDL on August 8, 2022, 9:35 pm

Thanks for the info Brad and others. I will let you all know if any of the techniques work.

Keep us updated. Hope you found something useful.

Hightower Clinical / Note to File Podcast / Existential Dilettante / "Specialization is for insects"

Guest

#8 · September 13, 2022, 7:33 pm

Can anyone give an example of how to word the late payment fee into the contract (CTA)?

Thankyou.

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Late payment fee