Common use of Collection Remedies Clause in Contracts

Collection Remedies. Delinquency that cannot be resolved by payment may be resolved in a number of ways, such as: • Extension and Due Date Changes • Rewrites • Transfer of Equity All remedies offered should hold a promise for a permanent solution to the delinquency and should not be offered solely to improve office collection performance. Repossession is considered only when no other solution is possible.