Subject of receivables is almost eternal. Nevertheless, that does not mean it does not have preventive fuses. To avoid receivables Andriy Ilyuk, advisor of TEFFI Law Firm, in his article in the 5th edition of LAWYER&LAW recommends:
- Check contractors. Such verification performed before beginning a business relationship with a counterparty (at a stage when such counterparty is still potential partner). Checks could held at different intervals, depending on the level of risk of cooperation with particular counterparty.
- Timely control over accounts. You should be interested in when your counterparty pays for goods / services and whether he does it on time. Well-established control system will help adequately respond to delays in payments and act appropriately depending on the situation.
- Correspondence, claims. Your timely reminding about a debt is sometimes a very efficiency solution – counterparty may simply miss the term of fulfillment of the obligation or there could be a technical problem that can be solved in the short term.
- Create the right terms of contracts. Yes, the paper will not prevent your partner from violating financial discipline. However, it can make such violation economically disadvantageous, and in further help to defend one’s rightness during a lawsuit.
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