What is a late fee?

Late fee is a fee that can be charged if the obligation is not completed in time. Late fees may have a number of forms, but in all cases to be legal, late fees must be published when the service contract is written. For example, if the lease contains a note that a late fee will be charged if the rent is more than five days late, the landlord may legally collect this fee, but if the contract does not include late fees discussion, the landlord does not have to collect them. Rent, credit card payments, public services payments and other types of accounts may be subject to late fees unless they are paid by the date on which they are due. A late fee may be a flat fee or a percentage of total due payment and is usually based on a daily basis, causing an increase in the fee for each day when the payment is not made.

Another type of late fee is a fee that is charged for rent or borrowed materials that are notReturns if they are expected. Companies for equipment rental, car rental companies, libraries and videos for video rental are using all fees for customers' penalty for not getting return in time. In fact, in some cases, late fees can account for a significant percentage of the company's profits, which is sometimes criticized.

Late fees can also be collected in other types of situations. For example, most registrations that require a fee may arise from late fees, unless registration is filed in time, as a way of encouraging people to register early. Late fees are often put directly into registration fees, while people who register within a certain date are charged one amount, while people who register after that date are forced to pay a higher amount.

When signing any contract, from a credit card agreement to a plumber, it is an adobed idea to review the publication contractku. If no late fees are published, they do not hurt to ask. If there are delayed fees, information about them should be required in writing so that the disputes can be resolved in time. People should also know that they can fight against delayed fees that are unjustly collected, such as fees that have not been published at a time when the contract was signed, or fees that are charged, despite the fact that the service was completed in time.