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You rely on your clients to pay their monthly bills if you offer credit cards, loans or other types of financing for products or services. When clients fall behind on their bills or have outstanding balances, you have a right to the debt. Sometimes, businesses may use...
A contract is a legal agreement your business makes with another for the exchange of items or performance of services. When the other party to that agreement is not sticking to it, you and your business may suffer severe losses. A contract breach occurs when one party...
Few things are more irritating than performing a service for customers or selling goods to ones who refuse to pay. After all, you did your part and expect your customers to do theirs. Still, even if they have little or no beef with you, some of your customers are slow...
If you operate in the construction sector or home services industry, you undoubtedly know just how difficult some homeowners can be. Indeed, even if you provide professional and responsive service, some homeowners never want to pay. Others constantly nitpick,...
Every business owner deserves payment for the goods and services that they provide. Businesses are not charities, and there is no reasonable expectation that you will do work for free. Having collection systems in place from the beginning of your business, and...
Perhaps you are a building contractor who finished your work on a condominium project but have not received final payment. How do you file a mechanic’s lien and what happens next? About mechanic’s liens The goal of filing a mechanic’s lien is to recover payment for...
As a lender, you want as much assurance as possible that borrowers will pay back their loans. One way to do this is to have the borrower sign a security agreement. This contract outlines the details of a secured transaction and protects the lender. Purpose of secured...
One of the most common debts that consumers have is medical debt. No insurance, high deductibles and uncovered services all contribute to one's medical bills. As a medical professional, you deserve to collect on bills that others owe. However, there are laws in place...
Whether your business loans money to individuals seeking to start a business or you financed the sale of a previous commercial venture, a loan default could harm your financial bottom line. According to The Balance, a default occurs when a borrower fails to meet the...
If you sell retail goods or services, especially higher-priced items, you may want to consider offering payment plans for customers. If you do, you must have the customer sign a retail installment sales agreement. This agreement outlines the terms of the contract so...
