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What are the issues faced by the service providers/sellers with their invoices? How can one avoid issues that arise due to the invoices?

The scope of doing a business is increasing day-by-day and many are using the opportunities. Now a days, the invoices are raised not only by the sellers, but also the service providers. Firstly, invoices are raised to reduce the risk of disputes regarding the money recovery and also for the record. It is highly possible to face disputes with the outsiders/customers if the entrepreneurs have a less knowledge on the terms to be included in an invoice. Most of the businesses are failing in making a proper invoice due to which they are facing problems in recovery of money from the defaulters.

PrivateCourt, being a Dispute Resolution Entity, is approached by many sellers and service providers facing issues regarding the money recovery from the defaulters, mostly due to the lack of proper invoices. The Invoices should be included with certain essential terms which close the pathway to find the loopholes for money evasions or breach of contracts. Also, proper invoices would make it easier for them to file legal proceedings by being cost-effective.

Here are a few essential terms that PrivateCourt suggests to be checked if they are included in the invoice, if not, to be included:

(A)Subject to jurisdiction- Essential for filing a legal proceeding if any dispute arises between the seller/service provider and buyer/service receiver.

(B) Due date of invoice- To ensure that the customer/service receiver pays the money within a certain period of time.

(C) Rate of interest applicable on outstanding amounts after due date- To make sure that the buyer/service receiver needs to pay the amount outstanding after the due date with interest.

(D) Disputes to be decided by sole arbitrator at - This term is useful for high value invoices where if a dispute arises, arbitration can be filed in the city mentioned in invoice.

(E) Reference to corresponding Purchase/Work orders(if any)- To make orders easier to track and provide contractual and legal protection to the buyer/service receiver and seller/service provider.

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