New York Late Fee Calculator
Based on NY Gen. Oblig. Law §5-501; NY Prompt Payment Act (commercial construction)
QuickBillMaker applies late fees automatically based on your configured policy. Set it once and stop chasing payments by hand.
How New York late fees work
In New York, late payment fees on commercial invoices are governed by NY Gen. Oblig. Law §5-501; NY Prompt Payment Act (commercial construction). The legal maximum is 2% per month (24% annualized). Civil usury cap 16% per year (1.33%/mo). Construction Prompt Pay Act allows up to 1% per month after 30 days. Criminal usury 25%.
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 York prompt-pay law
NY Prompt Payment Act (General Business Law Article 35-E) Payment due within 30 days of approved invoice; 1% per month interest if late.
Stop calculating late fees by hand
QuickBillMaker applies your New York late fee rate automatically when invoices go overdue.
Automate late fees free