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Bernstein Burkley
  • Practice Areas
    • Overview
    • Bankruptcy & Restructuring
    • Business and Corporate Transactions
    • Creditors’ Rights
    • Litigation
    • Oil & Gas and Energy
    • Real Estate
    • Real Estate & Commercial Finance
  • Our Attorneys
  • About Us
    • Our Approach
    • History
    • Law Lists
    • Professional Memberships
    • Careers
  • Resources
    • Bernstein’s Dictionary of Bankruptcy Terminology
    • Links
    • Five Minute Legal Master videos
    • Blog
    • Legal Publications
  • News
    • Cases Archive
    • Firm News
    • In the News
    • Industry News
  • Contact
Q&A
Q&A

What are some things I should look for when reviewing my sales and credit contracts?

Posted on October 29, 2012 by Bob Bernstein

Creditors’ Rights 16

A: We recommend that you make sure that your sales and credit contracts provide for your customers to identify their correct legal composition (i.e., partnership, sole proprietorship,
corporation, LLC, LLP, L.P.). Your sales and credit contracts should require your customers
to designate which of their employees are authorized to make purchases from you. Also, your sales and credit contracts should provide for interest / finance charges on past due balances and for the customers’ obligation to pay collection costs and attorneys fees if their accounts are referred to an attorney for collection. An important thing to remember is Ben Franklin’s aphorism:
an ounce of prevention is worth a pound of cure.

 

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