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A few of the things I have learned over time:
1. NEVER put yourself in a position where you wont be able to meet your obligations if X, Y and Z don't pay on time. Always assume that no one will pay on time and then allow yourself to be pleasantly surprised when they do.
2. NEVER extend credit to people who you do not implicitly trust. For those you do extend credit to, always have written agreement signed by the parties and have it notarized. Banks exist to loan money, you should exist to sell stuff, not compete with the banks.
3. NEVER allow payments to get more than one cycle behind. If they do, the deal is off and the deal goes directly to the lawyers for litigation. Even if the guy *IS* in the hospital or his (insert some family connection here) died.
4. ALWAYS have a provision in your agreement that allows you to automatically withdraw payment(s) due you via ACH from the person's bank account if they are not made voluntarily on time. Using a service like paybycheck.com, this is easy to do and its perfectly legal because it is authorized by the account holder when they signup.
5. For large deals, require all checks to be sent by FedEx or equivalent. That puts a stop the 'ole "Checks in the mail" bullshit real fast.
Not that any of this advice will help you now, sounds like you are too late for this one.
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