Maine Late Fee Calculator
Based on Me. Rev. Stat. tit. 9-B §432 (legal rate of interest)
QuickBillMaker applies late fees automatically based on your configured policy. Set it once and stop chasing payments by hand.
How Maine late fees work
In Maine, late payment fees on commercial invoices are governed by Me. Rev. Stat. tit. 9-B §432 (legal rate of interest). The legal maximum is 1.5% per month (18% annualized). Legal rate set annually based on T-bill rate + 6% (currently ~10% per year). Written contracts may set higher.
The fee must be stated in a written agreement before the work is performed. Without a written rate, only the statutory default rate applies.
Maine prompt-pay law
Maine Prompt Payment Act (Me. Rev. Stat. tit. 10 §1111 for construction; tit. 5 §1551 for state) Construction subs paid within 7 days of GC receiving payment; 1% per month interest if late.
Stop calculating late fees by hand
QuickBillMaker applies your Maine late fee rate automatically when invoices go overdue.
Automate late fees free