Unpaid invoices can be a significant challenge in the Indo-US tech trade, requiring strategic approaches to address and resolve such issues. In this article, we will explore key strategies for dealing with unpaid invoices in the tech trade between India and the United States, focusing on thorough investigation, recommendations for closure or litigation, and the rates and recovery system. By understanding these strategies, businesses can effectively navigate the complexities of unpaid invoices and protect their financial interests in cross-border trade relationships.
Key Takeaways
- Thorough investigation is crucial for determining the possibility of recovery
- Consider the recommendation for closure or litigation based on investigation results
- Understand the rates and recovery system for pursuing unpaid invoices
- Utilize a three-phase recovery system to recover company funds
- Be aware of the costs and options associated with legal action
Strategies for Dealing with Unpaid Invoices in Indo-US Tech Trade
Thorough Investigation of the Case
We dive deep, leaving no stone unturned. Our initial steps are critical: we assess the debtor’s assets and the surrounding facts. This groundwork is essential to determine the feasibility of recovery. If prospects are dim, we advise case closure, sparing you unnecessary costs.
Investigation is just the beginning. We employ a multi-faceted approach:
- Skip-tracing to pinpoint financial and contact details
- Persistent communication attempts: calls, emails, texts
- Legal notices dispatched, signaling our intent
Our goal is clear: to secure a resolution swiftly and efficiently. If these efforts falter, we’re prepared to escalate to litigation, with your consent.
The decision rests with you. Should litigation be the path forward, be prepared for upfront legal costs. These typically range from $600 to $700, depending on jurisdiction. Only upon successful recovery do our competitive rates apply, ensuring our interests are aligned with yours.
Recommendation for Closure or Litigation
When we reach the crossroads of closure or litigation, our guidance hinges on the feasibility of recovery. If the likelihood of recouping the debt is slim, we advise shutting the case down. This means no financial obligation to us or our legal partners.
Should litigation seem the prudent path, you’re at a decision point. Opting out? You can retract the claim at no cost. If you choose to press on, be prepared for upfront legal expenses. These typically fall between $600 and $700, based on the debtor’s location. Once you cover these costs, our attorneys swing into action, filing a lawsuit to recover all dues, including filing fees.
In the event that litigation doesn’t pan out, rest assured, the financial burden on you ceases. Our commitment to a no-win, no-fee promise stands firm.
Here’s a snapshot of our rates for clarity:
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For 1-9 claims:
- Accounts under 1 year: 30% of collected amount
- Accounts over 1 year: 40% of collected amount
- Accounts under $1000: 50% of collected amount
- Accounts with attorney involvement: 50% of collected amount
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For 10 or more claims:
- Accounts under 1 year: 27% of collected amount
- Accounts over 1 year: 35% of collected amount
- Accounts under $1000: 40% of collected amount
- Accounts with attorney involvement: 50% of collected amount
Our rates are competitive, and we tailor them to the volume of claims you bring within the first week of initiating the first account.
Rates and Recovery System
When it comes to the Rates and Recovery System, we’ve established a clear structure to ensure transparency and efficiency. Our rates are competitive, tailored to the age and size of the claim, ensuring you get the best possible return on your unpaid invoices.
For instance, accounts under one year of age are charged at 30% of the amount collected if there are fewer than 10 claims, and 27% for 10 or more claims. The rates increase for older accounts and smaller amounts, reflecting the additional effort required to collect.
We prioritize a swift and decisive approach to recovery, with daily attempts to contact debtors in the initial phase and escalating to legal action when necessary.
Here’s a quick breakdown of our rates based on the number of claims and other factors:
- Accounts under 1 year: 30% (1-9 claims) or 27% (10+ claims)
- Accounts over 1 year: 40% (1-9 claims) or 35% (10+ claims)
- Accounts under $1000: 50% regardless of the number of claims
- Accounts placed with an attorney: 50% regardless of the number of claims
Remember, if litigation is recommended and you decide to proceed, upfront legal costs will apply. However, should our attempts to collect via litigation fail, you owe us nothing. This no-win, no-fee model aligns our interests with yours, as we are incentivized to succeed.
Frequently Asked Questions
What is the recovery system for unpaid invoices?
The recovery system consists of three phases: thorough investigation, recommendation for closure or litigation, and rates for recovery.
What happens if the possibility of recovery is not likely?
If the possibility of recovery is not likely, the case will be recommended for closure, and there will be no owed fees to the firm or affiliated attorney.
What are the options if the recommendation is litigation?
The options are to proceed with legal action, pay upfront legal costs, or allow the firm to continue standard collection activity.
What are the upfront legal costs for proceeding with legal action?
The upfront legal costs range from $600.00 to $700.00, depending on the debtor’s jurisdiction.
What are the collection rates for unpaid invoices?
The collection rates depend on the number of claims submitted and the age and amount of the accounts. Rates range from 27% to 50% of the amount collected.
What is the process of the recovery system’s three phases?
Phase One involves sending letters to the debtor, skip-tracing, and attempting to contact the debtor. Phase Two involves forwarding the case to an affiliated attorney, drafting letters, and attempting to contact the debtor. Phase Three involves recommending closure or litigation and proceeding with legal action if chosen.
