You Can Adopt These 4 Legal Strategies To Recover Money From Clients

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So when it comes to payment all companies need to take care and needs to be alert in terms of agreements they draw. Apart from that maintaining a written proof record of terms and conditions can be very useful in case of emergency.

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You Can Adopt These 4 Legal Strategies To Recover Money From Clients:

You Can Adopt These 4 Legal Strategies To Recover Money From Clients

Slide 2:

So when it comes to payment all companies need to take care and needs to be alert in terms of agreements they draw. Apart from that maintaining a written proof record of terms and conditions can be very useful in case of emergency. The success of your business truly depends on upon how quickly you can recover money from your clients. It has become an important task for companies to recover money by some legal means if someone is not willing to pay your debt. For this, the very first step is to give a legal notice to him/her then taking legal actions against the client. The nature of recovery process may depend on upon the certain facts and situations. You can adopt any legal strategy by the following 4 discussed strategies:

Slide 3:

Use of simple recovery suit In this recovery suit, it is not necessary to have a written agreement between the two parties involved, simply on the basis of oral discussion made, a person can file a simple recovery suit. By the use of Negotiable Instruments Act 1881 This option is best suited when cheque of a presenter is dishonoured . It deals with the recovery of money which is arising from bills of exchange or cheques (a kind of instruments). This act contains lots of sections, with each section justifying the procedure of recovering money. The act mainly called as the negotiable instrument act 1881.

Slide 4:

In the case of bouncing of cheques section, 138 deal with some procedures to adopt and legal notices to send to the defaulter in the period of 30 days. If the fresh payment is not received within this time period, then the payee can file a complaint under this section and that complaint should be registered with the magistrate court within a month of expiry of notice drawn. This can include a prison of two years with some fine. Winding up the Petition: This option can be utilized under the section 433, companies act 1956, when the liabilities are lies against the company and is truly incorporated under the companies act. There may be a possibility that the defaulter company may be winded up. In this way, an official liquidator can be appointed who can take control of certain assets of a defaulter company and at the same time can sell it for the speedy recovery of money.

Slide 5:

Hiring an attorney: You can choose this method of recovering money from your client when you want to take some legal actions against him/her, because an attorney can solve all your legal issues and terminologies related to the legal proceedings along with the huge knowledge about tracking any unclear payments. For more information on legal agreements and legal documents online India , please visit this website.

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