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In the five-minute legal master series, board-certified creditors' rights attorney Nicholas D. Kralik discusses the importance of credit agreements. He emphasizes that while the excitement of acquiring a new customer can overshadow the potential risks, creditors must recognize that extending credit involves lending their company's money, with the possibility of non-payment. Kralik advises that from the beginning of the business relationship, creditors should be proactive in considering their rights and remedies in case the new customer becomes a non-compliant debtor. He underscores the necessity of preparing for collection from day one, even though it's an uncomfortable topic.
