The Importance of Early Debt Collection in Massachusetts Credit Applications
No matter what kind of business you own, it is important to make sure every customer signs a contract at the outset of the commercial relationship. Before making the sale, this is the last opportunity to control your assets. Don't waste it.
At the Law Offices of Alan M. Cohen LLC, we have almost 30 years of experience helping businesses to attempt to avoid doing business with deadbeats. With the right early debt collection steps, you can obtain the information you will need if a customer refuses to pay. Please contact us to schedule an appointment.
Protect Yourself Early in the Game
If a customer cannot or will not pay, you should already have the legal power and information you need to pursue the payment you are owed. Have you already agreed on an interest rate for late payment? What court will hear the case if you need to bring a suit against the customer? Do you know what bank handles the customer's finances?
All of this information should be clearly outlined in your credit application or other pre-sale contract. We work with you to develop a contract that offers the protection you need. At the very least, your credit application should include:
- Minimum interest rate of 18% if customer defaults
- A provision for attorney's fees to attempt to remove judicial discretion
- Jurisdiction in case if you have to file a lawsuit against the customer
- Customer's banking information
- Company owner's name
- Personal guarantee
Every business owner hopes that customers will timely pay for the goods or services they purchase. A thorough credit application can help provide the protection you need if customers fail to uphold their end of the bargain.
Put an Experienced Lawyer in Your Corner
We have pursued business to business debt collection for more than two and one half decades. We know how customers try to avoid payment, and we know how to protect our clients' interests. If you own a company in Massachusetts, call 508-620-6900 or contact us online to schedule an appointment with the Law Offices of Alan M. Cohen LLC.
The Law Offices of Alan M. Cohen LLC represents clients throughout Middlesex County, Boston, Bristol County, Suffolk County, Springfield, Hampden County, Norfolk County, Dedham, Plymouth County, Salem, Brockton, Essex County, Cambridge, Worcester, Worcester County, and Barnstable County.
The information you obtain at this site is not, nor is it intended to be, legal advice. Nor shall contact through said site establish an attorney client relationship, absent a formal fee agreement. You should consult Attorney Alan M. Cohen for individual advice regarding your own situation.
