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In today’s volatile marketplace, the existence of a personal guarantee may provide the only viable basis for collecting outstanding receivables from a corporate obligor experiencing financial difficulty. A provision for the recovery of collection expenses and attorney’s fees should be inserted.
We have been helping businesses of all types review and manage credit and debt collection since 1994. We have found that the following five tips can assist you in preparing a strong credit application that helps you make smart decisions and will also allow you to collect on the debt in the case of default.
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