Good business is a play in 3 acts:
- Act I: Get the work
- Act II: Do the work
- Act III: Get paid for the work
If you’re weak in Act III, the first two won’t matter.
In my experience, there are a few hard and fast rules to dramatically increase your chances of getting paid – in full and every time:
- Be sure to get all contractual terms, including changes, in writing.
- Have a right to attorney’s fees and interest in the contract.
- Waive all claims unless they are claimed within a set number of days.
- Keep your jurisdiction in Maryland so you don’t have to chase your money.
Writing up a commercial account agreement can help to ensure that you receive payment upon the completion of your work. Anything you can do up front to make sure collection is easier later, is well worth doing.
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Eliot Wagonheim shares business insights that help companies stay on course. Get our latest blog posts sent right to your inbox. Click here to subscribe.