Templates › Late payment law by country / state
Registered MSME (Udyam) in India? Buyers must pay within 45 days; delayed payments attract compound interest at three times the RBI bank rate. Reminder template.
Under the MSMED Act 2006, a buyer must pay a registered micro or small enterprise by the agreed date, which can't exceed 45 days from acceptance; without agreement, 15 days. Delayed payment carries compound interest with monthly rests at three times the RBI bank rate. Unpaid suppliers can file on the MSME Samadhaan portal for reference to the Micro and Small Enterprise Facilitation Council.
This is a general summary that may be out of date. Not legal advice. Verify current rules on official government or court websites.
Subject: Overdue invoice [INV-123]: [amount] due [due date] Dear [Name], Invoice [INV-123] for [amount] for [services] was due on [due date] and remains unpaid despite my reminders of [dates]. Please pay the outstanding balance [plus interest/compensation permitted by law or our agreement: state the basis] by [date]. If payment is not received by then, I intend to [next step for this jurisdiction] without further notice. If you dispute any part of the invoice, please tell me in writing by that date. Regards, [Your name]
Paste the amount, client, days overdue and region. Get the friendly, firm and final emails plus late-fee wording and calendar reminders in 20 seconds. 2 free, no signup.
Generate my sequence freeIf you're registered as a micro or small enterprise (Udyam), it can apply to your buyers.
Three times the RBI bank rate, compounded monthly.
General information and draft wording only. Not legal advice. PaidNudge is not a law firm or a debt collector. Check your contract and local rules, or ask a qualified lawyer, before relying on any late fee, interest or court step.