Virginia Late Fee Calculator
Based on Va. Code §6.2-301 (legal rate of interest)
QuickBillMaker applies late fees automatically based on your configured policy. Set it once and stop chasing payments by hand.
How Virginia late fees work
In Virginia, late payment fees on commercial invoices are governed by Va. Code §6.2-301 (legal rate of interest). The legal maximum is 0.5% per month (6% annualized). Legal rate 6% per year; written contracts may set higher (no general usury cap on commercial). Consumer loans capped at 12% per year unless licensed.
The fee must be stated in a written agreement before the work is performed. Without a written rate, only the statutory default rate applies.
Virginia prompt-pay law
Virginia Prompt Payment Act (Va. Code §2.2-4347 for state; §11-4.6 for construction) State: 30 days from invoice. Construction subs paid within 7 days of GC receiving payment.
Stop calculating late fees by hand
QuickBillMaker applies your Virginia late fee rate automatically when invoices go overdue.
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