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PRINTING INDUSTRY CREDIT BUREAU 
(847) 265-0400
ISSUE # 23
SEPTEMBER 2013

GEEK SPEAK

 

Profits are an illusion when you fail to control the magic and the illusion becomes delusional when you believe profits are magical.
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 DEWEY CHI'TING
LARSON  NY 

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ORIGINAL ARTWORK BY MARC.ART, INC.
ASK AN ATTORNEY

 
 
Q: "What would you consider to be the most important term stated in a credit agreement and why?" 


 A: While most would say personal guaranty language is the most important thing a credit grantor can secure, the answer to this question depends on the needs of the creditor.   We frequently see the absence of terms allowing for the creditor to seek favorable jurisdiction or arbitration.  Terms can be drafted so the creditor only gets the choice to select a convenient forum or arbitration.  Regarding forum selection, we have several client's that select Iowa as the forum for suit.  Typically, they pick a location near their corporate headquarters.  This will save on travel expenses if a trial is needed.  While the downside is two filing fees (one in the chosen forum and one to domesticate the judgment where the debtor resides), the debtor cannot raise any substantive defenses when the judgment is domesticated and rarely will the debtor defend to buy time in a distant forum.  Arbitration can be better option than suit in certain circumstances.  While arbitration is expensive, it works well to avoid  slow courts and debtor friendly courts.  It is also better for complex issues such as class action suits or issues that are friendly to debtors.

 

Knowing  where your debtors are located and their defenses will determine the best terms for you.

 
Charles L Litow
Litow Law Offices, PC  
Cedar Rapids IA  

 

A: As far as I am concerned, the most important term in a credit agreement is the personal guaranty. There are many debtors that incorporate or set up a limited liability company and go in and out of business, leaving the creditor without anyone to pursue. However, if you have a personal guaranty, even if the company goes out of business, you have the right to pursue the principal. It would be very helpful if the signature obtained on the personal guaranty was either notarized or witnessed, in the event the debtor denies that it had been signed by the personal guarantor. 

 

All of the information in a credit application is of considerable importance, especially information regarding the whereabouts of the debtor and the personal guarantor, banking connections, and any other information that may help ultimately in collection. However, if legal action is necessary, the more people that are available to sue in order to try to collect the account, the better, and therefore a personal guaranty signed by one or more principals of a company is invaluable.

 

William A. Rinehart

Rinehart, Scaffidi & Mathews

Milwaukee WI

 

A: Regarding your September 9, 2013 email, of course I find the question very broad and general but in any event, aside from the obvious terms regarding timely payment and credit and bank references my thoughts on this subject are that a credit agreement should be industry specific, that is to say in the printing industry no doubt numerous issues develop in the production area regarding quality, defects etc.  The credit agreement should be very specific regarding approvals of proof in writing prior to any production, test runs if plausible and waver of any defect issues and timeliness of delivery issues thereafter.

 

Lester P Taroff, Esq.  

Bohemia NY  

 

A: The most important things for a good credit application are specific banking information:

 

1. Name and address of the bank

2. Account number, not the routing number which would be the same for all accounts at that bank. This information will allow you to verify availability of funds and determine whether there are sufficient funds in the account to cover the type of purchase your customer is making.

3. The correct legal name of the customer. With so many businesses being franchises, Tuffy Muffler is probably not the customer, it would be ABC Inc dba Tuffy Muffler. This information is much more helpful than credit references, which tend to be more helpful than credit references, which tend to be more people who are owed money.

 

Terry D Zimmerman

Kaffen & Zimmerman

Akron OH 

LET PICB HELP YOU BE AWARE!

 
COLLECTION SERVICES: PICB is the Graphic Art Industry's dedicated credit and collection agency. With more than 35 years of experience helping printers get paid from slow and non-paying customers our expertise will earn your respect and gain your trust. Our rates are below industry averages but our results are superior.


RESOURCES: PICB's web portal to government websites that provide real-time, free information that can be helpful when determining a customer's stability or viability. These sites provide users an ability to verify business registrations, civil records, lien information and much more.


DUE DILIGENCE REPORTS: When you don't have the time to review the information provided by the customer, PICB will do it for you. Our reports are compiled the old fashion way of 'hands on' extensive research while using the 21st century tools to maximize results.


RISKEE BUSINESS: PICB's free service that provides unlimited access into our extensive database to determine if a potential customer is already known to PICB.
In This Issue
CREDIT TIPS
DEWEY CHI'TING
ASK AN ATTORNEY
KREDIT KARMA
Quick Links  

PRINTING INDUSTRY CREDIT BUREAU CONTACT INFO: 


ANDREA SCHLACK
PRESIDENT

 

DENNIS ADAMS
VICE-PRESIDENT
COLLECTIONS MANAGER

 

RICK CRUZ
CHIEF RESEARCH 
OFFICER

 

DAN COMER 

OFFICE ADMINISTRATOR

danc@picb-us.com

 

KREDITKARMA

DON'T GET BITTEN TWICE

 ******************

UNCOLLECTED

JUDGMENTS SEPTEMBER 2013

FOR A COMPLETE LIST

GO TO 

www.picb-us.com

   

ALEC BOWERS DBA DIAT CONCEPTS LTD

IL

 

ANDREW EPERI INDIVIDUALLY AND DBA AFRIQUE

IL

 

ALEX FINO DBA SF TRANSPORT SERVICES

PA

 

ASSOCIATED AIR PRODUCTS

FL

 

BERG PRINTING ENTERPRISES LLC DBA MASTERPRINT

WI

 

BLUE INK

IL

 

CCMP D/B/A/

BERYLMARTIN

IN

 

CHRISTOPHER NICHOLAS CAMPOS D/B/A CAMPOS SCHOOL PORTRAITS

AZ

 

 

CMY&K ADVERTISING

 NY

 

CMY&K PUBLISHING

 NY

 

DALE JASLOVE IND D/B/A HEALTHCARE CONSTRUCTION

 MI

 

DBR ENTERPRISES INC & ANNA FREGRON AS PERSONAL GUARANTOR

SD 

 

DESI TALK INC. A DISSOLVED IL CORP & HEMANT BRAHMBHATT DBA  

IL

 

DIRECT MEDIA MARKETING INC.  

NE

 

EL SOL NEWSPAPER

IL

 

EMERY LITHO OF NASSAU LLC

NY

 

EWA KUCHINO D/B/A/ A TO Z MEDIA GRAPH A DISSOLVED IL CORP

IL

 

FRANK FINOCCHIARO INDIVIDUALLY & T/A LBT SYSTEMS & LBT SYSTEMS INC.

 NJ

 

FIRST FRUITS BEVERAGE COMPANY LLC

VA

 

GREGORY'S FURNITURE & MATTRESS LLC

NJ

 

HI INDIA, INC.,

 IL

 

HIGHER STANDARD ENTERPRISES INC D/B/A I TOUCH PUBLIISHERS.COM
NC

 

HIP HOP WEEKLY
ENTERTAINMENT, INC
FL

  

HOME VIDEO STUDIO INC IN

 

HOMETOWN HEATING & COOLING INC AND RICHARD E FOX INDIVIDUALLY

 NY

 

INDIAN HILL SYSTEM INC AN IL CORP AND ROBERT KELLY D/B/A
IL

 

JILL MORGE

NTHALER FOR CONGRESS
IL

 

JIM WEEMS D/B/A
J PRINT SERVICES
ID

JOSEPH D RINDER INDIVIDUALLY AND D/B/A BELTONE HEARING AID CENTER

 NJ

 

KARRY MATHESON INDIVIDUALLY AND D/B/A MATHESON CUSTOM PRINT

UT

 

KENMAR STATIONARY

 NY

 

KRISTYS MOORE A/K/A KRISTYS WAGGONER D/B/A ORION PUBLISHING
CA

  

LISA DOTE INDIVIDUALLY AND D/B/A G GRAPHICS AND D/B/A PRINT THIS

 IL

 

PET ENTHUSIAST PUBLICATIONS INC
NE

 

PHILIP D CHRIST D/B/A GREAT IDEAS
NY

 

PHILIP BASILE D/B/A P&M GRAPHICS
NJ

 

PHILIP BASILE D/B/A MINK INC
NJ
 

 

REACH MARKETING SOLUTIONS LLC

GA

 

RICK VETKOS DBA

BELTONE OREGON

OR

 

RODD MURPHY DBA

RODD MURPHY & ASSOCIATES

NY

 

RON CARTER DBA

SOUTH STREET JOURNAL

IL

 

RUMORS ON GRAND INC. A DISSOLVED CORP & KATHLEEN M VOGT AKA KATHLEEN TEWS 

 IL

 

SANDESH PUBLICATIONS, INC. 

IL

 

SANDESH PUBLICATIONS INC & HEMANT BRAHMBHATT AS GUARANTOR

IL

 

SEARCH 1 AMERICA F/K/A LUX PREMIER LUX PUBLICATIONS LLC DBA LUX PREMIER

IN 

 

 

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