You can charge late fees and interest in accordance with your agreement, since the agreement is silent then there would be a dispute as to whether or not you can charge them and it would be based upon the customary practice in your industry. Colorado currently has one of the higher general usury rates in the country -- for non-consumer loans
. The general usury rate in this regard (for non-consumer loans) is set at 45% per annum. The usury rate established for consumer or personal loans is set at 12% in Colorado at the present time. I would say this is not a consumer loan, so you could get away with the higher rate, it is a fee for services rendered.
Your recourse would be to sue the client for recovery of the fees.
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