Collection and fees
The balance on custom work must be paid in full within 30 days. Failure to pay the balance will result in 2.5% interest, compounded monthly, added to the total. Failure to pay the balance within three months of the initial purchase will result in the deposit’s complete forfeiture. Failure to settle the balance within six months will trigger legal action to collect any amount due without further notice. If the project is abandoned for any reason, the customer remains responsible for the full amount, regardless of the project’s stage of completion.
We are a professional business holding up our end of the deal. It’s not only important but vital that our clients reciprocate; otherwise, we will employ all available legal options to recover the funds.
Delinquent Accounts
All charges are payable by the due date shown on the billing statement. Accounts that remain unpaid are considered delinquent, and interest will be assessed on any unpaid balance.
Calculation of Penalty and Interest
Charges are considered delinquent 30 days after the due date. Interest is assessed on the unpaid balance when a charge becomes delinquent and is calculated at 1.5% per month until paid in full. A one-time 10 percent penalty will also be charged. Late-payment penalties and interest charges will be tabulated.
Interest Rates on Overdue and Delinquent Debts
In addition to accruing interest on any unpaid balance, clients will be subject to a hold on their accounts. If the account remains unpaid, Leon Mege, Inc. will submit it for collection in accordance with New York State guidelines.