"Arbitration," "negotiation," "compromise" reflect calming influences amongst disputants. The opposite reflections could be "war," "conflict" and "litigation." In the field of credit and collection one might ask, "Does litigation precipitate satisfactory results?" Perhaps it does to those who seek and enjoy litigation because by nature they are litigious—they would rather fight than arbitrate. But many attorneys hold to the belief that the worst settlement is better than the best law suit.
With our economy geared to the issuance of credit and our gross national product equal to more than a half-trillion dollars, the business of credit is absolutely necessary. In fact, there isn't enough gold and silver metal to purchase the products of our country on a cash basis. Therefore, credit is, as it has been, the solution. This business of credit has multiple consequences, such as credit checking, sales terms, competitive selling, marketing, collections, accounting, laws, etc. With all these factors a part of credit selling in our country, the possibility of disagreements, confusion, and ultimate litigation, is apparent.