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EN
EN
When you land a large order for a new customer, you naturally want to make sure that payment is made correctly. Under the guise “trust is good, but control is better”, it's best to ask for an advance just to be on the safe side. But is that possible just like that? Are there certain limits that you should respect? And why is it important to explicitly include such an advance in your contracts?
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Do you enter your advances on your invoices? Smart choice. It's so easy to avoid having your customers thank themselves afterwards and are already sure that they pay at least that part of the invoice (in advance). However, if you do not comply with the agreement as agreed, you are obliged to drop the advance.
General
In most sectors, it is legal to ask for an advance without specific restrictions. This applies regardless of the nature of your business or the services you provide.
Include in your contract
If you want to ask for an advance, you are obliged to agree with the customer when concluding the contract. If the contract has already been concluded, you can actually no longer ask for an advance. Isn't that what you're doing? Then the customer has the right to refuse payment.
How much and when
There are no general legal restrictions in terms of amount, except in specific cases such as the Breyne Act, which applies to plan sales or turnkey homes. However, it is advisable to clearly state the amount of the advance in your contract or terms and conditions. It is also best to decide when you want to receive payment at the latest and that, in case of late payment, you have the right to wait to execute the contract.
In addition, you can also decide exactly how the advance will be charged (for example, on the last invoice, if you are going to send multiple invoices). In addition, it is possible — provided that the deposit is not excessive — to agree to keep the amount as compensation in case the customer cancels or cancels the agreement. When doing business with consumers, you must provide equivalent compensation in case you fail to comply with the agreement yourself.
Requesting an advance offers financial security and builds trust with new customers. It's important to clearly state the terms of the advance in your contracts. Although the legislation is flexible, specific rules must be taken into account. A balanced approach is crucial when doing business with consumers, while not losing sight of your own responsibilities. Using advances wisely is essential for financial stability and reliability in business relationships.
Would you like to receive more information about this issue or do you have any questions? Feel free to take contact contact us, we are happy to help you out.
Thanks to Jan Roodhooft, Attorney, for his insights into this article.
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One of your customers is not paying their bills and is in bad financial condition due to the ongoing coronavirus crisis. You are therefore considering having his goods seized quickly. However, does that make sense and, by the way, won't there be a new 'ceasefire' for bankruptcies anyway?
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No news, good news!
The law states that any undisputed invoice can be considered an accepted invoice and must therefore be paid by the customer. At least if you invoice a company, because different principles apply to invoices to private individuals. However, traders must protest the invoice in question within a reasonable period of time if they plan not to pay it.
Exactly what that reasonable period entails is not specified, but in practice, a period of approximately 2 weeks after receipt of the invoice is considered fair for timely protest (slightly longer for complex invoices).
The dispute can also take place in various ways, for example by registered mail or by e-mail. In any case, it's not a bad thing to mention in your Terms and Conditions how and when customers can protest invoices.
So far the formalities, but what if your customer disputes your invoice?
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