New Jersey Late Fee Calculator
Based on N.J. Stat. §31:1-1 (legal rate of interest)
QuickBillMaker applies late fees automatically based on your configured policy. Set it once and stop chasing payments by hand.
How New Jersey late fees work
In New Jersey, late payment fees on commercial invoices are governed by N.J. Stat. §31:1-1 (legal rate of interest). The legal maximum is 2.5% per month (30% annualized). Legal rate 6% per year; written contracts may set up to 16% per year on consumer; 30% per year on commercial. Criminal usury 50%.
The fee must be stated in a written agreement before the work is performed. Without a written rate, only the statutory default rate applies.
New Jersey prompt-pay law
New Jersey Prompt Payment Act (N.J. Stat. §2A:30A-1 et seq.) Subs paid within 10 days of GC receiving payment; prime + 1% interest if late.
Stop calculating late fees by hand
QuickBillMaker applies your New Jersey late fee rate automatically when invoices go overdue.
Automate late fees free