On bills such as this, there really is no limit on interest and late charges, the usury laws apply to loans and set judicial and maximum interest on loans. You generally charge simple interest per your standard billing period, meaning if you have 30 day billing you charge the interest each billing cycle. If this is for construction work, you can also file a lien on the home or business
property. As long as the interest rate is reasonable and customary in the industry (I normally have seen and used 20%-25%).
It is fine to also put on there they will be liable for any attorney's and collection fees if they fail to pay. You should also have that in your actual contracts
and you should modify them to say this as well as designate the interests charges and penalties for late payments.
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