GlossaryEN1 min readUpdated: Jun 18, 2026
late payment
Late payment arises when a debtor fails to settle an invoice, freight charge, or customs duty by the contractually agreed due date.
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Source: https://www.duden.de/rechtschreibung/Zahlungsverzug
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Logistics concept
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Definition & Explanation
Late payment arises when a debtor fails to settle an invoice, freight charge, or customs duty by the contractually agreed due date. Forwarders and carriers often find themselves on both sides: as creditors chasing overdue shipper payments and as debtors at risk of delay toward port operators, subcontractors, or customs authorities. Once the due date passes—or a contractual grace period expires—statutory or contractually agreed late-payment interest typically begins to accrue, raising the total cost of the outstanding claim. Late payment must be distinguished from payment default: the former is a timing breach that can be remedied by belated settlement, whereas default implies a persistent or permanent failure to pay.
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