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Frequently Asked Questions (FAQ)
Having your agreement in writing is the first step to ensuring both parties understand not only their rights but their responsibilities. Implementing a debtor management system can ensure each new client transaction is subject to Terms of Trade. Terms of Trade will help clients understand what is required of them and can provide creditors with suggestive means of achieving prompt payment in addition to the usual terms of payment.
Action can be taken under the terms of the written agreement between the parties. If there is no written agreement and the debt has been requested to be paid withing a reasonable time then a letter of demand should be sent