Accounts Receivable Collection
Collecting Accounts Receivable is the enforcement of a contract. When your company sells goods or provides services, whether you have a written contract, you are entitled to payment.
Typically, most businesses do not have a formal contract when selling goods and services, and instead rely on purchase orders, invoices, and other like writing to evidence the transaction. These writing are considered “contracts” and are enforced as contractual agreement.
However, even where you do not have a formal contract, purchase orders or an invoice, you can still enforce your agreement as an oral contract, which is just enforceable as a written contract. The one main difference is the time you must bring your claim. For an oral contract you must bring your claim within two years of making the contract, when you were to be paid, from the date of the last payment, whichever is longer.
Collecting Commercial Accounts Receivable takes a higher skill set to complete successfully than consumer accounts. As attorney’s we understand the law, and can fully assess the reason and rational your debtor is refusing to pay, and provide you with a clear understanding of the cost benefit to both you and your debtor in pursuing your monies.
With commercial accounts, we can explore options to resolution, including payment, return of goods, credits, increased pricing for future transactions, involuntary bankruptcy, invoice and purchase order financing, etc.
In the event litigation is necessary to enforce resolution, Debt Recovery Attorneys has the experience and resources to initiate litigation, and prosecute your claim the court system to conclusion, and enforcement of judgments. (See Judgments).