by Jason M. Gordon | Nov 13, 2024
Demand for Payment What is a Demand for Payment? A Demand for Payment is a formal request issued by a creditor (or their representative) to a debtor, asking for payment of an outstanding debt. This demand typically occurs after an invoice has gone unpaid or when an...
by Jason M. Gordon | Nov 13, 2024
Credit Agreement What is a Credit Agreement? A Credit Agreement is a legally binding contract between a borrower (debtor) and a lender (creditor) that outlines the terms and conditions under which credit is extended to the borrower. The agreement details the amount of...
by Jason M. Gordon | Nov 13, 2024
Modify Debt Agreement What is a Note Renewal? A Renewal of Note is an agreement between a borrower and a lender to extend the maturity date of an existing promissory note, effectively giving the borrower more time to repay the debt. The renewal of note modifies the...
by Jason M. Gordon | Nov 13, 2024
Liens What is a Mechanic's Lien? A Mechanic’s Lien (or Construction Lien) is a legal claim placed on a property by a contractor, subcontractor, supplier, or laborer who has provided labor or materials for a construction project but has not been paid. This lien...
by Jason M. Gordon | Nov 13, 2024
Guarantee (Guaranty) What is a Guarantee Agreement? A Guarantee Agreement is a legal contract in which one party (the guarantor) agrees to take responsibility for the debt or obligations of another party (the debtor) if that party fails to meet their financial...
