If you don’t know when payment is “due,” you will never know when it is “overdue.”
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At work and elsewhere, in any agreement, contract or memo of understanding, if you read “Will Pay” or “Will Deliver,” quickly respond “By When?” Otherwise, it could be “the next century.” A specific date, “before the end of November, 2022,” and “No later than 45 days after the agreement is signed by both parties” are all acceptable. Not receiving a clear or easily determinable “When” or “No later than” is simply not acceptable.
This “reading reminder” may sound trivial; it is not. Failing to keep this in mind may cost you a lot of time, effort . . . and money.
Even seasoned attorneys often fall prey to this drafting imprecision – or tactic.
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