What do I do about slow international payments?

Question

My international customers pay me slowly. How can I protect myself from this in the future?

Answer

The issue of payment is time and again comes up in international settings. This again tends to be the result of a lack of specified terms in the initial contract between parties (or real “teeth” if these payment terms are breached). So make sure that your contracts are up to snuff by running through them with a specialist – they will be able to help ensure prompt payment.

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This answer was provided by Virtuoso Legal. For more information about how Virtuoso Legal can support you, visit their site at:

http://virtuosolegal.com/

Virtuoso Legal are a boutique firm of world class intellectual property solicitors. Over the past 10 years they have successfully represented clients in hundreds of intellectual property matters.

This question was asked as part of our webinar on international terms and conditions. You can watch the recording of this webinar at:

https://opentoexport.com/webinars/international-terms-and-conditions/

If you’d like to learn more about the Institute of Export & International Trade’s International T&C templates, visit:

https://www.export.org.uk/page/InternationalTCs

Too many businesses are entering international trade without proper contracts and are therefore taking unnecessary and potentially costly risks. Slow payments, legal issues, dashed expectations and disenchantment with the exporting process are a result of businesses foregoing the need to establish terms and conditions specific to their international situation.

These 4 T&C templates give you the solid legal framework you need to export confidently and successfully.

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