Mississippi Late Fee Calculator
Based on Miss. Code §75-17-1 (legal rate of interest)
QuickBillMaker applies late fees automatically based on your configured policy. Set it once and stop chasing payments by hand.
How Mississippi late fees work
In Mississippi, late payment fees on commercial invoices are governed by Miss. Code §75-17-1 (legal rate of interest). The legal maximum is 1.5% per month (18% annualized). Legal rate 8% per year; written contracts may set up to 10% per year on amounts ≤ $5,000, higher on commercial.
The fee must be stated in a written agreement before the work is performed. Without a written rate, only the statutory default rate applies.
Mississippi prompt-pay law
Mississippi Prompt Payment Act (Miss. Code §31-5-25 for public; §87-7-3 for construction) Construction subs paid within 15 days of GC receiving payment.
Stop calculating late fees by hand
QuickBillMaker applies your Mississippi late fee rate automatically when invoices go overdue.
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