Getting paid is a critical part of doing business, but the effort that’s occasionally required to actually get paid can be frustrating at times. The strength of your customer relationships and your diligence in managing accounts receivable are paramount to getting paid. However, sometimes additional action – including legal action – can be required in order to secure payment. The good news is that there are certain contractual provisions you can put in place that will make the collection of overdue payments less costly and much easier for you.
Ideally, a written agreement setting forth payment terms should be part of every transaction. That said, it’s useful to know that, generally speaking, a contract is not required to be in writing to be legally enforceable.… » Read the full post