Lexeme: collection practice  
Inferred
Definition:
  1. noun. Collection practice refers to the process and strategies employed by businesses or individuals in order to collect overdue or unpaid debts from customers or clients. It typically involves a series of steps, such as sending reminders, making phone calls, or engaging in legal actions, to recover the outstanding amounts owed. The goal of collection practice is to effectively and efficiently collect outstanding debts while maintaining positive customer relationships and compliance with applicable laws and regulations. GPT3.5
Word Forms:
  • noun. collection practice (singular), collection practices (plural)
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