Colorado Late Fee Calculator
Based on Colo. Rev. Stat. §5-12-101; §5-12-103
QuickBillMaker applies late fees automatically based on your configured policy. Set it once and stop chasing payments by hand.
How Colorado late fees work
In Colorado, late payment fees on commercial invoices are governed by Colo. Rev. Stat. §5-12-101; §5-12-103. The legal maximum is 1.5% per month (18% annualized). Default statutory interest 8% per year; written contracts may set higher rates. Most contractors use 1.5%/mo.
The fee must be stated in a written agreement before the work is performed. Without a written rate, only the statutory default rate applies.
Colorado prompt-pay law
Colorado Prompt Payment Act (CRS §24-91-103 for public; §38-26-107 for construction) Public works: 7 days for partial payments. Construction subs paid within 7 days of GC receiving payment.
Stop calculating late fees by hand
QuickBillMaker applies your Colorado late fee rate automatically when invoices go overdue.
Automate late fees free