New Year Refresher on Liens Bonds and Collections

Happy New Year! It is important to understand the difference between liens, bonds, and collections. Liens are a legal claim on a property to secure payment of a debt, while bonds are a form of insurance against financial losses resulting from non-performance. Collections are the process of recovering money owed to an organization, often through the use of collection agencies. Knowing when and how to use each of these tools will help to ensure the success of any business.