LLC Consulting - How to recoup my pending invoice payment from another consulting company

[meranaam]

Jurisdiction

New Jersey

I run an LLC company providing Technology and Computer Consultants to clients. In 2006 my company signed master agreement with another consulting company. They hired our contractors and used to pay our invoices. In 2009, they did not pay one of our invoices. We kept exchanging emails back and forth and they kept giving lame excuses but no payment came through. Our contract says - Any dispute arising out of this agreement not being resolved amicably between both the parties can only be resolved through laws of Arbitration of the NJ Chamber of Commerce, Trenton, New Jersey. What are my legal options to recoup my pending invoice payment of 2009?

 

[Betty3]

It looks like arbitration will be required. (whatever the contract says) You really shouldn't have waited so long to decide to pursue further action.

 

[army judge]

I run an LLC company providing Technology and Computer Consultants to clients. In 2006 my company signed master agreement with another consulting company. They hired our contractors and used to pay our invoices. In 2009, they did not pay one of our invoices. We kept exchanging emails back and forth and they kept giving lame excuses but no payment came through. Our contract says - Any dispute arising out of this agreement not being resolved amicably between both the parties can only be resolved through laws of Arbitration of the NJ Chamber of Commerce, Trenton, New Jersey. What are my legal options to recoup my pending invoice payment of 2009?

You may have waited a tad too long to seek redress, or in your case get paid.

The SOL to collect a debt under written contract is SIX years in NJ.

If the debt in question was incurred after February 1st of 2009, you might be able to take the matter to arbitration.

Setting an arbitration hearing can take 30 to 60 days, soot all depends on how the contract reads.

If I were you, I'd cut my losses and wash my hands of an apparent lopsided relationship.


New Jersey Statute of Limitations on Debt

 

[adjusterjack]

If the debt in question was incurred after February 1st of 2009, you might be able to take the matter to arbitration.

At the risk of splitting hairs, you mean the default. The debt could have been incurred at some time before the default and the SOL runs from the date of default.

Like a lawsuit, the arbitration would have to commence within the 6 year period. likely by serving a demand for arbitration on the other party. I write "likely" because I haven't located anything online to indicate that the "laws of Arbitration of the NJ Chamber of Commerce, Trenton, New Jersey" exist.

 

[adjusterjack]

What are my legal options to recoup my pending invoice payment of 2009?

That's easy. You have the option to seek arbitration just like your contract provides.

 

[army judge]

At the risk of splitting hairs, you mean the default. The debt could have been incurred at some time before the default and the SOL runs from the date of default.

Like a lawsuit, the arbitration would have to commence within the 6 year period. likely by serving a demand for arbitration on the other party. I write "likely" because I haven't located anything online to indicate that the "laws of Arbitration of the NJ Chamber of Commerce, Trenton, New Jersey" exist.

You're entitled to any interpretation you choose.

I stand by my original analysis, which is nothing more than my insignificant opinion.