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In this episode of the Five-Minute Legal Master Series, board-certified creditors' rights attorney Nicholas D. Kralik discusses the importance of credit agreements. He emphasizes that while businesses may be excited about acquiring new customers, they must consider the potential risk of those customers becoming debtors. When extending credit, a creditor is effectively lending their company's money, which carries the risk of non-payment. Kralik advises creditors to be proactive at the start of their business relationships by anticipating the rights and remedies they will need if a customer becomes non-compliant. He stresses the necessity of preparing for collections from day one, even though it may not be a pleasant topic to consider.
