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Dealers, Delinquency, and Deadbeats: A Primer on Collections

By Nathan D. Imfeld March 4, 2024 No Comments

I. Protecting Your Right To Get Paid

A. Key Terms & Conditions

1. Clear Price & Payment Term

a. Set a clear terms and conditions for price and payment.
b. If the terms are not set by the parties, the UCC will fill the gap, and the UCC is biased in favor of the buyer. See U.C.C. § 2-305 (detailing open price terms); U.C.C. § 2-310 (detailing open payment terms).

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