31 Jul '12, 10am

Protecting Your Business From a Customer’s Bankruptcy

Protecting Your Business From a Customer’s Bankruptcy

Credit check: Each new customer should complete a credit application and you should verify their information with a major credit agency. If your customers are other businesses, you should request, and contact, references from several other businesses they’ve done business with. Find out whether the company has any history of late payments or other problems. Contract: It’s easy to get so excited about a new customer that you proceed without having a firm contract in place. That’s a big mistake, because without a contract you severely limit your chances of ever getting repaid if the company does declare bankruptcy. For added protection, put a clause in your contract that specifies what will happen if the customer declares bankruptcy or is unable to pay.

Full article: http://www.networksolutions.com/smallbusiness/2012/07/pro...

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