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As a subcontractor, you are likely aware of how complicated the legal aspects of construction work can be. The state of Ohio has attempted to streamline the legal process with a document called a notice of commencement. What is a notice of commencement? A notice of...
If you have unpaid invoices or other unpaid debts, it is understandable that you want to take steps to collect the money owed to you. It is your right as a creditor to request payment and to get paid. However, there are state and federal laws that outline your rights...
As a business owner, you can expand your customer base and increase your sales by extending credit. Particularly if you are catering to other companies, your customers may make large purchases that require financing. Unfortunately, extending credit is not without its...
Whether or not to extend credit is an important decision for your business. It can help you attract new sales and build loyalty with your long-term customers. However, credit comes with the risk of late or unpaid debt which can significantly impact your business’s...
Managing a business venture can be difficult, as you must control overhead costs while keeping customers happy. If your customers do not pay outstanding invoices, you simply may not have enough cash for payroll, supplies or even the mortgage. Fortunately, you probably...
As a creditor, you often face a difficult uphill battle when it comes to seizing the assets of a debtor. You may have to go through litigation first to prosecute the debtor's claims. This alone costs a lot of time and money. You then need to locate the debtor's assets...
As a creditor, it is vital that you understand the limits of the law when confronting payment delinquency. When it comes to contacting delinquent clients, the Fair Debt Collection Practices Act, or FDCPA, governs much of this. One of the provisions of the Act is that...
Creditors have a legal right to consider proactive measures to protect assets when a borrower begins running into financial problems. Rather than wait for a borrower to default on a mortgage and file a bankruptcy petition to avoid foreclosure, a lender may seek to...
There is no question that businesses and the economy have had a rough 2020. Things have been especially challenging for small businesses whose revenue has dried up while others still hold on. Those that survive can credit strategy, hard work and a certain amount of...
As a business owner, you need business partners and clients to pay their debts for you to generate revenue. If you advance goods and services and then wait for payment, you might find that clients often do not hold up their ends of the deal. It becomes even worse...
