KEN KIRSCHENBAUM, ESQ ALARM - SECURITY INDUSTRY LEGAL EMAIL NEWSLETTER / THE ALARM EXCHANGE You can read all of our articles on our website. Having trouble getting our emails? Change your spam controls and whitelist ken@kirschenbaumesq.com ****************************** Late Charges / If attending Holiday Party please RSVP today November 20, 2024 ************************* Holiday Party 2024 – this is your invitation - rsvp if attending ************************** The K&K Holiday Party will be on December 12, 2024 in Old Westbury, NY from 6:30 to 9:30 PM. You’re invited, but you do need to RSVP before December 1, 2024 so we can properly plan. Format is casual dress, cocktails and plenty of pass-around hors d'oeuvres; you won’t leave hungry. Please send your RSVP to Kathleen Lampert at 516 747 6700 x 319 or KLampert@Kirschenbaumesq.com or Amy Laveglia at 516 747 6700 x 313 or ALaveglia@Kirschenbaumesq.com. Come see old and meet new friends at this social event. Looking forward to seeing you at the party. ************************ Late Charges ************************ Ken Please advise if we can implement interest and late charges for clients with past due balances. We are a concierge client and have been using your contracts since 2010. Our most recent K&K contract does not appear to address this issue that inevitably comes up. Lord help if I slip up and pay my electric bill a day late. We would like to begin assessing late fees and charging interest on past due customers. Some of our pre-Kirschenbaum contracts addressed this and I never realized it was not in yours. Tron ***************************** Response ***************************** Quick answer is that you can implement late charge fees provided that is in your contract. K&K Standard Form Agreements do not have late fee charges, but of course it can be added. If adding a late fee charge K&K will need to check requirements in your state, because some states do have laws affecting late charge fees, especially for consumers. I’m not a fan of late fees. I know that some of you love late fee charges and impose them regularly and automatically. It’s one way of increasing the RMR because some customers will simply pay late and consider the late fee part of the charge. I can’t really understand that, but it’s sometimes the case. Why don’t I favor late fees? 1. The primary goal is to get paid the RMR. If there is a problem paying that then adding to the price isn’t going to make it any easier or better from the customer’s perspective. It might just aggravate an already contentious relationship. 2. The K&K Standard Form Agreements permit calling the subscriber into default if there is a failure to pay timely. Therefore, if a single payment is late you could technically call the contract into default, terminate service and accelerate the contract charges. Obviously this is not a good business practice to build a customer base. 3. Paying a late fee should not be construed as an option to avoid being held in default for non-payment. A late fee does not excuse timely payment. 4. Some states regulate late fees, limiting them or when they can be applied, so that needs to be checked and your contract customized. Having considered all that, we can of course add a late fee provision to your contract; also interest on late payments. Contact K&K’s Contract Administrator Eileen Wagda at 516 747 6 700 x 312 or EWadga@Kirschenbaumesq.com for assistance with K&K contracts. ************************ STANDARD FORMS Alarm / Security / Fire and related Agreements click here: www.alarmcontracts.com *************************** CONCIERGE LAWYER SERVICE PROGRAM FOR THE ALARM INDUSTRY - You can check out the program and sign up here: https://www.kirschenbaumesq.com/page/concierge or contact our Program Coordinator Stacy Spector, Esq at 516 747 6700 x 304. *********************** ALARM ARTICLES: You can always read our Articles on our website at ww.kirschenbaumesq.com/page/alarm-articles updated daily ******************** THE ALARM EXCHANGE - the alarm industries leading classified and business exchange - updated daily ************************* Wondering how much your alarm company is worth? Click here: https://www.kirschenbaumesq.com/page/what-is-my-alarm-company-worth ****************************** Getting on our Email List / Email Articles archived: Many of you are forwarding these emails to friends or asking that others be added to the list. Sign up for our daily newsletter here: Sign Up. You can read articles and order alarm contracts on our web site www.alarmcontracts.com ************************** Ken Kirschenbaum,Esq Kirschenbaum & Kirschenbaum PC Attorneys at Law 200 Garden City Plaza Garden City, NY 11530 516 747 6700 x 301 ken@kirschenbaumesq.com www.KirschenbaumEsq.com