Credit Management Contract Terms (Part of Commercial Construction Credit Specialist)
Learn the importance of contract terms and forms to increase profits, lower costs and lower risk. Consider effective terms for Credit Applications, Proposals, Quotes, Guarantees, Lien Waivers, and Joint Check Agreements such as Attorney’s Fee, Service Charge and Forum Selection to lower your costs and motivate a debtor to pay. Other topics covered include Notice and an Opportunity to Cure to protect against back charge claims; Limitations of your Liability to a return of the purchase price and Exclusions of Express and Implied Warranty; Limitations on Claims of Defect or Delay; and Trust Fund Agreements to make your customer a Trustee for your receivable. After successful completion of this module the student will understand the importance of contract terms and forms, the types of contract forms, Notice and Opportunity to Cure, Limitations on Claims of Defect and Delay and Trust Fund Agreements. A packet of camera ready forms for immediate use are available from the presenter.
James Fullerton is a graduate of the University of Colorado and the University of Virginia School of Law. He is an attorney licensed in Virginia, Maryland, and the District of Columbia and is the President of the law firm of Fullerton & Knowles, P.C. The firm represents owners, design professionals, suppliers, subcontractors, general contractors and other members of the real estate and construction industries, filing mechanic’s liens, surety bond and other construction claims across all of the states in the Mid Atlantic region. He also represents creditors in bankruptcy issues nationwide, particularly defense of bankruptcy preference claims; advises on all real estate and construction law issues, including contract formation and disputes, defects in labor and materials, impact and delay claims, as well as doing litigation, arbitration and mediation in public and private projects.