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In the 5-minute legal Master Series, attorney Nicholas D. Crawick discusses the importance of credit agreements. He emphasizes that while gaining new customers is exciting, creditors must consider the risk of them becoming debtors. Extending credit essentially means lending the company's money, which comes with the potential of non-payment. Therefore, it's crucial for creditors to proactively establish rights and remedies at the start of the business relationship. This preparation for possible collection issues is essential, even if it's uncomfortable to think about. Planning for collections from day one helps safeguard the creditor's interests in case of non-compliance from the customer.
