THE PRICE OF JUSTICE - GOOD NEWS FOR BAD PAYERS
On Monday, 9 March 2015, the fee to begin a money claim in the High Court or County Court rose to 5% of the sum claimed, up to a maximum fee of £10,000 for a claim of £200,000 or more.
Examples of the new fees are below:
Value of claim £ Fee £
These fees will need to be paid - in addition to your own legal fees - just to start a case.
So, obtaining references, carrying out proper credit checks, invoicing little and often, and budgeting in advance for disputes are now more important than ever.
You should also consider potentially cheaper alternatives, such as mediating or adjudicating disputes at an early stage, and including mediation and arbitration agreements in your commercial and construction contracts to avoid the entry fees to go to court.
We can advise on arbitration, adjudication and mediation as alternative ways to collect debts and resolve business disputes. Please contact us to discuss ways to keep the cost of doing business to a minimum.