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Our Subscribers Say...
I think Credit Today is fantastic. You cover many practical topics in the credit field that I use regularly. Just one recent example—a conversation on the ListServ about preferential payments—gave me tips that I used in an actual case. The specific information I picked up from this one discussion saved me $10,000, enough to cover my membership for many years!
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Manager of Credit & Collections, ASSA Abloy Americas Division, New Haven, CT
Credit Today's Resource Directory and their online e-mail forum (ListServ) provide information on almost any credit-related topic you can think of. It is a great way to exchange information with other credit professionals. As the saying goes, "You don't know what you don't know."
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Credit Manager, Big Lots Stores, Inc., Wholesale Division
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The Credit Today ListServ has become the pre-imminent online forum, providing an opportunity for discussion and comments (and occasional humor) from an impressive list of credit professionals."
David Dungan, Director of Credit
Justin Brands, Inc. (A Berkshire Hathaway company)
Fort Worth, Texas
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Ron Woods
Corporate Credit Manager-World Wide
Thales Navigation, Inc.
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Corporate Credit Mgr
Fulton Paper Company
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Doug M. Thomas
Kimberly-Clark Customer Financial Services |
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Legal Issues Today
That the law governing credit is complicated comes as no surprise to credit managers. Credit Today is unsurpassed in explaining complex legal issues and translating often obscure legal language into terms that shed light instead of shadow. Here's what you need to know about liens, contracts, personal and corporate guarantees, UCC issues, security interests, PMSIs, battles of forms, managing lawsuits, antitrust issues and much more!
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Battle of Forms
Norman Traffic Controls needed a new customized printed wire board, and the request for quotes the company sent out to several potential suppliers stated that any purchases would be by means of purchase orders, the terms and conditions of which would override any inconsistent terms in the offer. In response, Bates Electronics mailed an offer to sell Norman 20 boards for $1,900 apiece, to be delivered within six weeks. The offer contained a 90-day warranty and provided that the terms of the offer would take precedence over any terms proposed by Norman. . . .
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"The Guaranty: A Powerful Tool"
by Ann Morales Olazábal, MBA, JD
Dade Industries' credit manager, Wayne Dempsey, wondered what would be next. Dade had just recently completed the acquisition of a smaller competitor and in reviewing the company's accounts receivable, he felt like he had opened a can of worms. For instance, most accounts Dade would ordinarily have required to be guaranteed were not. Some files had notes in them that indicated the owner of a small customer had verbally agreed to be held responsible for the account if... This case study looks at the nuances necessary to get a good guarantee, the differences between a guarantee and a surety (co-signer), and whether or not there is such a thing as a "standard" guarantee. . . .
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The Sole-Source Supplier: Working Through Your Key Customer's Financial Difficulties While Bettering Your Position For Payment On the Delinquent Account
By Scott Blakeley, Esq.
Your company is a sole-source supplier with a multiyear supply contract with a customer, who is a significant source of business for your company. You are the sole sole-source supplier because of the uniqueness of your product or service. The supply contract was negotiated by sales and marketing when the customer was financially sound. A year into the contract, the customer's cash flow is negative and they have failed to honor the 30 day invoice terms. They blame a downturn in the economy as why they cannot pay according to invoices. The customer has placed additional orders, but needs the credit because of cash flow. Your credit research and evaluation indicates that the customer's cash flow problems are projected to last but two quarters (and, of course, confirmed by the sale's department), and may remain a significant source of business over the balance of the supply contract. The customer's cash flow problems result in the lender calling the loan in default. Your account is now 45 days past due. . . .
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Defective Collateral Descriptions: Will This Mistake Trip Up This Creditor's Security Interest?
by Ann Morales Olazábal, MBA, JD
This legal case study examines a situation in which a creditor files a UCC-1 Financing Statement to secure a lien. After the customer in question filed for bankruptcy, the credit manager examined the paperwork and found that, instead of recording the serial number for the equipment, they'd put their firm's inventory number down. Since the customer's bank had a lien on all "inventory, equipment, and receivables," this made her wonder whether or not this error would make their financing statement useless. What do you think the courts will do in a situation like this? Read on for the answer and our analysis of this situation! . . .
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Selling Improperly Returned Merchandise
By Ann M. Olazábal
This case study examines a situation in which a customer - upon learning that a competitor to its long-time supplier is selling the same goods more cheaply - returns, without authorization, the majority of its shipment to its supplier. The supplier, after much back and forth, eventually accepts the shipment, and then later sells it at a steep discount and attempts to bill the customer for the difference. Learn how this works out and why! . . .
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Reminder to New York Collection Agents: Rubber-Stamping Things in the Workplace is as Important as Ever
David Mannion, Esq.
If the doctrine of "accord and satisfaction" made its debut today instead of 19th century England, it would probably be called "compromise and payment." However, at least outside of communications with significant others, we don't normally expect to be held to compromises we had no intention of reaching. That?es the scary thing about an accord and satisfaction from a creditor's point of view. Compromise may have been the last thing on your mind. Nevertheless, you may be considered to have reached an accord and satisfaction. . . .
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Maximizing Your Likelihood for Payment: Avoiding Sequential Liability
Marisa Commerford, Esq.
For vendors engaged in the business of advertising and media services, a hotly contested issue that might arise is the use of sequential liability clauses in contracts. Vendors should always seek to avoid sequential liability in order to maximize protection against non-payment. Sequential liability involves the following three players: the agency, the advertiser, and the media vendor. Advertising agencies handle aspects of creating, planning, and advertising for their clients. The agency is independent from the client, the advertiser. Sequential liability provides that the agency is liable for payment to the vendor only if it has been paid by the advertiser. Until then, the advertiser is solely responsible for payment. . . .
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The Price of a Dispute: Recovering Costs and Attorney's Fees
by Ann Morales Olazábal, MBA, JD
When Tim Blankenship accepted the position of Echo Industries credit manager he realized he was inheriting some long-festering problems. At the top of the list was a file of delinquent accounts that Echo had given up doing business with some time before. Some were of amounts significant enough to warrant serious collection action. But Tim's predecessor--a serial procrastinator--had done nothing with them beyond making a few phone calls. This case study explores a situation in which a credit manager believes he can shift legal fees and court costs to delinquent debtors after a trial. Will this strategy work out? . . .
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Misspellings can spell trouble for the secured creditor.
"I guess you never got high marks in spelling class," said Amanda Highstreet, owner of Twentieth Avenue Diner. "Don't make this worse than it already is," fumed Horace Bland of United Savings. "The promissory note you signed with us gives us a security interest in your inventory and equipment. And now that you've filed Chapter 7, we intend to liquidate your assets." . . .
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Limited Liability Partnerships With Incomplete or Defective Filings
by Ann Morales Olazábal, MBA, JD
Madera, Inc. agreed to sell 400 metric tons of sunflower oil to Republic Import-Export of Goods, LLP (RIE). The written contract called for RIE to secure a documentary letter of credit, for Madera's benefit, covering the entire purchase price. But when RIE was unable to obtain an L/C of that amount, Madera Credit Manager Tom Iglesia agreed that if RIE immediately wired half, or $250,000, the balance could be paid 30 days after delivery. This case study examines the legal and collection implications from a creditor's standpoint when partners in a Limited Liability Partnership (LLP) never actually finalized that entity. What's a legal framework for this scenario? . . .
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Can a Late Document Submission Invalidate a Letter of Credit?
by Ann Morales Olazábal, MBA, JD
Darwin Manufacturing agreed to sell $630,000 worth of specialized equipment to Taiwan Metal, Inc. The contract called for Taiwan Metal to make payment by way of an irrevocable documentary letter of credit (L/C) issued by Mizuho Corporate Bank in Taiwan. This case study examines background on documentary letters of credit, and examines a situation in which the seller (creditor) submits all of the documents required by their letter of credit, including the bill of lading, just a few days late. Are they legally entitled to demand payment? Find out what happened and why. . . .
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Accord and Satisfaction
By Ann Morales Olazábal
Cox Construction Co. (Coxco) has purchased all of the necessary gravel, topsoil, sand, and clay for its construction projects from Simpson Sand on open account since September of 1985. Simpson's invoices have always contained a provision stating "IN . . .
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A Hidden Peril of Extending Unsecured Credit
By Ann Morales Olazábal
Interconnected Systems, Inc. (ISI), a retailer and installer of commercial telephone systems, had an agreement with Allied Leasing, whereby Allied would finance ISI's installation of a new telephone system at a medical clinic under an equipment lease . . .
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Outlook 2012
This month's survey explores...
- What the top problems are facing credit execs currently, and
- What the top improvement initiatives are.
Click here to participate!
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