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Nicholas D Kralik, a board-certified creditors rights attorney, discusses credit agreements in this episode of the five-minute legal master series. He emphasizes the importance of being proactive and preparing for collection from day one when extending credit to new customers. It is essential to anticipate what rights and remedies will be needed if the customer becomes a non-compliant debtor in the future. Planning ahead in the early stages of the business relationship is crucial to ensure that the creditor is protected in case of non-payment.
