MvCaTs

MvCaTs is a small corporation operating on a cash basis. We neither borrow nor lend. Our accounting package does not release funds for our once-a-month payroll until ALL Clients have paid their balances in full AND the deposits have cleared our bank. Late Payment Syndrome is endemic in our industry. Every Freelancers Union Publication contains at least one article offering tips on how Consultants may be able to induce their Clients to pay bills on time. If our Clients do not pay by the Due Date, we cannot pay our own mortgages, utility bills, and other financial obligations on time. That is why, for more than a decade, we have successfully maintained a policy of Zero Tolerance for Late Payment and notification to Consultants and Staff regarding any Clients who miss the Due Date. If the Due Date comes and goes without our bank receiving your payment, we have no recourse but to "share the pain" with you. Timecards containing Statement details are available on request . A line near the bottom of the Statement will list the number of Timecards created during the billing month along with the Transcript Fee to include with the payment if you wish to receive copies. The Transcript Fee of $1.42 per Timecard covers the cost of administrative time to pull them, paper, ink, & electricity to print them along with address & return labels, time to prepare & stuff the envelope, and postage to mail them. If payment was not received by the 20th , these Overdue Penalties would apply: 1) Your account would be flagged as Overdue and a Late Fee of 1.5% per month (18% annual) would be imposed on the Statement balance; 2) The Statement would be reissued with Read Receipt Request to include the Late Fee in the Overdue balance which must be paid in full by the last business day of the billing month in order to avoid loss of Discounts and Suspension of Service. If payment was not received by the last business day of the billing month of issue -or- if payment was less than the amount billed including Late Fee, your Account would be flagged as Delinquent, all Discounts on the original Statement would be forfeited, and the Statement would be reissued with Read Receipt Request to reflect the Delinquent Balance at our Full Rates plus recalculated Late Fee. Until your Account was brought current, these Consequences would apply: 1) All servicing would be suspended while your Account was Delinquent; 2) Any software which was activated but not yet fully paid for would be temporarily deactivated; and 3) Until the next on-time payment was received, any new servicing requested after the Account was no longer Delinquent would require a 50% Retainer for a-la-carte clients or 50% of the upcoming month's fee paid in advance for maintenance agreement clients ; and 4) The only acceptable Form of Payment once an Account goes Delinquent would be Wire Transfer to avoid further delay (with all fees paid by Client). After the Account was brought current, the required Retainer percentages would revert to New Client levels -and- Client must reestablish a consistent, on-time payment record for three consecutive billing cycles in which a balance was due. If Client is on a Maintenance Agreement, 50% of the Minimum Monthly Fee must be paid as a Retainer in advance each month for the next three consecutive billing cycles. IF work under a Service Authorization has not yet been completed when our COLA rate increase goes into effect on January 1st, AND initial work under that Service Authorization began within 2 weeks of the Client Signature Date, AND hours worked thus far total less than the quoted billable hours, the quoted rates would be "locked in" and would continue to apply until the quoted hours had been worked AS LONG AS billable work is requested and performed each consecutive month. BUT if that project goes dormant for a full billing cycle, the new rates would take effect and the former rate lock would be forfeited. The Client has so much to gain by contracting with us. We want repeat business and will go the extra mile to ensure complete satisfaction with the finished product and the final price. Our goal will always be to deliver twice the performance at half the price, twice the value in half the time .