Trucking: payment terms, due bills, competitive marketplace

Question
It is my understanding under the old ICC that payment was required after 15 days of billing.  Is there any current regulation that dictates payment terms?

Answer
You are correct Rebecca.  Under ICC regulation credit limits were set and the carriers and shippers could not agree to any other terms.  If you go back far enough at one time it was 7 days which resulted in a weekly billing and payment cycle.  Both sides also had 3 years to audit and file overcharge claims or balance due bills based on the tariffs the carriers were required to file with the ICC.  The rates were public documents that required advance filing and they could be challenged and had to be approved by the ICC before they could be effective.  Essentially transportation was regulated like a public utility.  All  of that changed in 1980 with deregulation and the opening of the industry to the competitive marketplace.  The result now is any carrier and shipper can negotiate not only rates but payment terms as well,

Jim.