Is there is a limit on the amount of time a vendor has to send an invoice?

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Is there is a limit on the amount of time a vendor has to send an invoice?

One of our vendors will wait months to send us bills for services rendered. Then, when we do receive a bill, it is for a large amount which is very difficult for our small operation to manage. We find it difficult to keep up with these large bills.

Asked on October 16, 2013 under Business Law, Illinois

Answers:

Terence Fenelon / Law Offices of Terence Fenelon

Answered 8 years ago | Contributor

There is no tome limit in wjich to send an incoise, although it is very poor business management on the part of the vendor to delay to such an extent. YOU should be anticipating the amount owed to the vendor by putting aside funds to pay the invoices as the products or services are rendered.  If you are suspicious of the  high amounts, compare the invoices with the actual services to determine if you are being invoiced at an agreed upon schedule.  You might be taken advantage of if you blindly pay invoices without checking their veracity.  YOU should stay alert.


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