Assessing Finance Charges
We have sold product to a commercial company in the state of Tennessee (we are located in Wisconsin). Our terms to this customer were Net 30 days, the customer is currently past due at 130 days. Repeated calls have not resulted in payment. We have issued an invoice to them for finance charges, hoping this gets a response. They have issued a letter stating that they ''do not pay finance charges,'' however, still will not return our calls. Can I legally assess a finance charge or late fee to this entity?