late bill by contractor

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if a bill is submitted late by a contractor late by a financial year what remedies are available to the party at loss

AI Summary

Late invoice submission: contractual remedies and procedural steps determine recovery and tax/accounting effects. Remedies for a party suffering loss when a contractor submits a bill after the close of a financial year focus on contractual and statutory avenues: contract payment and invoicing provisions, notice and dispute-resolution clauses, liquidated damages or set-off rights, preservation of performance evidence, formal notices, and invocation of adjudication or arbitration; also consider limitation periods and tax or accounting consequences under income-tax and fiscal-year rules that affect recoverability and timing.