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Changing Payment Terms

Does anyone know where i can find a template stating that terms are changing to 60 days?

Answers

Topic Expert
Keith Perry
Title: Consulting CFO and Business Operations A..
Company: Growth Accelerator
(Consulting CFO and Business Operations Advisor, Growth Accelerator) |

Anon,

I've always sent out a formal letter. Snail mail, letterhead, the whole enchilada.

Very basic, "Dear vendor, we are changing our terms in our POs to Net 60; (ref appropriate language, start dates for this, etc)"

So, you don't really need a template, just your letterhead.

KP

Topic Expert
Scott MacDonald
Title: President/Owner
Company: AlphaMac Resources, Inc.
(President/Owner, AlphaMac Resources, Inc.) |

Are you increasing or decreasing? The wording of the letter or notice would be a little different.

Do you have terms stated in your contract? Has your legal counsel been involved? Lots of questions to answer before a letter is drafted.

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