May 25, 2022
By: Rod Wheeland, CCE
The heart of the relationship a company has with a customer involves the provision of a product and/or service, subject to a structure of legal rights and responsibilities for both parties. Knowledge of business law makes the credit practitioner a more valuable participant in helping to manage the customer relationship in the beginning and over time … from contract formation through performance, and in cases where a customer does not provide timely payment as agreed, through breach and pursuit of remedies.
NACM Commercial Services offers two courses in business law this year, both available online. The first, Business Law for Trade Creditors, begins June 21 and runs for 10 consecutive Tuesday afternoons, 3 pm to 6 pm pacific, through August 23. The class provides a grounding in the theories, principles, and practices of business law, including the four sources of law in the United States; the federal and state judiciary systems and their roles in interpreting the law and applying it to specific situations; the common law of contracts; and the Uniform Commercial Code Article 2 covering the sale of goods. The second course, Credit Law for Trade Creditors, begins September 13 and, like Business Law, runs on Tuesday afternoons, same block of time, for 10 weeks, with the last class November 15. This class addresses a number of salient legal issues for companies providing trade credit, beginning with business forms of organization, including the entity concept, sole proprietorships, partnerships, corporations, LLCs, and others, and the effect of the particular form on the rights and responsibilities of the parties. Then, we’ll address legal aspects of establishing the credit relationship; credit enhancements and UCC Article 9; negotiable instruments and other payment methods; collection practices; distressed debtors and insolvency; the federal antitrust laws; and the equal opportunity credit act and other relevant credit-related laws. I encourage you to consider each of these offerings as valuable continuing education for the individual employed in credit. Successful completion of both classes is required to qualify for the NACM Certified Business Fellow designation examination.
The classes may be taken individually, and NACM Commercial Services offers a discount for individuals taking both classes. The same text is used for each of these classes. And, the Foundation provides a limited number of scholarships. For more information about classes and scholarships and to register for one or both classes, please contact Shawna Kelly at
Business Law for the Trade Creditor
Credit Law for the Trade Creditor
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