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Nicholas D Kralik, a board-certified creditors rights attorney, discusses credit agreements in this tutorial. When extending credit to a new customer, creditors must be proactive in anticipating potential non-compliance and being prepared with rights and remedies for collections. It is essential to establish these measures at the outset of the business relationship to ensure proper protection and financial recovery in case the customer becomes a debtor in the future. preparations for collections need to start from day one to prevent any potential financial losses.
