Yes, not yet anything in over a year and a half.
So I am now drawing up a promissory that he is to to pay us monthly instalments of £60 including vat, plus 20% from profit of any contract. This is to be reviewed every six months. The invoice is around £4100 and should he pay the minimum only it will stretch up to a total of 68 months with no interest. this means that the work carried out by ourselves hold no value and no profit to ourselves. Their fore would we be able to introduce interest into the promissory at a later stage to cover the financial losses or be able to charge him any administration fees should he default?
OK so you reckon that we should just go to court and issue a CCJ for him to make payments and that would include the 8% interest and leave it at that. He might argue that the original verbal agreement was for him to pay us when ever he gets a contract and that can take as long as it takes?
The agreement was verbal that he would pay us once contracts started to come in. It was an agreement to establish a joint venture and that he would use our services for all future contracts. He has not given us any further work or any commendations to the fact. He has now agreed to start making monthly payments. I am trying to find out that should he drag the payments out over 68 months, what would be the best protection for use to put in place regarding interest or loss of profit.
The fact that he is has not continued to use us or maid any payment or held up his end of the agreement is irrelevant. We should just be lucky to get what ever he offers and for as long as he wishes to pay us. Is this the bottom line?
Thank you for all your help!