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Apr 16

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When a Debt Settlement Goes Bad

Debt Settlements: Make Conditions Clear In Writing

Man with pen, C2C Resource Commercial Debt CollectionThe experts at C2C Resources aren’t the only ones who routinely remind readers to put agreements in writing.

But while you’re at it, it’s also smart to draft those agreements in your favor, while listing any applicable limitations within the agreement.

A recent article by Frank, Frank, Goldstein & Nager, a New York law firm, outlines a case in which their client failed to include the conditions attached to a $7,500 credit.

While the end of the story isn’t a complete disaster, it could have had a better outcome had the parameters of the discount been made clear in the written document.

We’ve stated in a previous post (Making Clear Business Contracts) that any ambiguity in a contract is considered the fault of the writer and in a court of law, the writer will most likely lose out.

 

Photo courtesy patpitchaya/FreeDigitalPhotos.net

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