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Looming bank crisis and payment terms with agencies
Thread poster: Nikolay Novitskiy
Nikolay Novitskiy Russian Federation Local time: 04:58 Member (2018) English to Russian
Mar 13, 2023
Dear colegues. Do you think it is time to renegotiate our payment terms with agencies? Many pay on a "net 40" / "net 60" basis, which is not 100% safe when banks are going bankrupt one after another.
Federal Reserve will surely save the situation, at least for now. But I don't think it's wise to ignore risks completely. I believe we, translators, should take some safety measures as well.
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I don’t know what you mean by saying “when banks are going bankrupt one after another” as, a far as I know, the banking sector has been shaken by the collapse of two US major banks (SVB and Signature). The world banking system as a whole does not depend on these banks. We are not at risk of a true financial contagion, but we are at risk of a bank panic, what should be avoided at all costs.
[Edited at 2023-03-13 14:18 GMT]
Kevin Fulton
Stepan Konev
Peter Dahm Robertson
Jo Macdonald
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Lingua 5B Bosnia and Herzegovina Local time: 01:58 Member (2009) English to Croatian + ...
Terms are irrelevant
Mar 13, 2023
Based on my experience with agencies, NET terms are irrelevant. Whatever the terms, they will always be late and will have to be chased with reminders.
Michael Newton
En_to_Fr_trans
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