Minneapolis Business Litigation Attorney Michael Glover discusses how clients can avoid certain collection problems.
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There are really two ways I think that they can do it. One is the advanced collection of information, which we just spoke about. The second is in good agreements that they could have with their customers at the outset, and there are really two provisions that I think are critical in any kind of an agreement. The first is putting an attorney’s fees, clause, and putting an interest clause in the agreements that you have with your customers or your clients. That acts as a tremendous incentive for the client to pay knowing that the bill is continuing to go up if it’s not resolved quickly. And it’s amazing to know how many customers do not put that into their contracts.