by J 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 J 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 J 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 J 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 J 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...
