RETENTION AND LATE PAYMENTS

JPN Associates have vast experience in recovering late payments, we can assist in drafting and issuing of notice demands and provide contractual advise on rights to recovery.

The Late Payment of Commercial Debts (Interest) Act 1998 gives small businesses the statutory right to claim interest on late payments from other businesses. This Act, originally introduced in November 1998 allows small firms to claim interest for late payment from large businesses (Over 50 employees) and public sector organisations. From November 1st 2000, this was extended to allow small businesses to claim statutory interest from other small businesses.

RETENTION RECOVERY

JPN Associates can assist in the recovery and management of retentions held by Main Contractors and Clients. Contractors have up to 5% of their turnover withheld in the form of retention at any given time. Most companies do not have the time or resources to recover these monies or in many cases may not even know how much is owed to them, JPN can assist in the recovery of this outstanding money and our service is free until the monies are recovered.