e business terms
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6 reasons to review your business requirements
In recession, more than ever any well run business needs to ensure that they get paid on time. Cash is king and get your money in your bank account at the earliest opportunity, you should really clear terms and conditions. You may be surprised how little it costs for an experienced business attorney to draft strict terms and conditions for you. Here are some questions you and your attorney may want to consider:
1st Make sure that it is your terms and conditions governing the performance of the contract – not those in your client or customer.
2nd Make clear when payment for goods or services are required – it is worth checking. You can find your current payment terms are overly generous. It is not uncommon for companies to government payment is due 30 days after the end of the calendar month when the invoice was sent – that could mean a delay of up to two months before you can hunt for your own money. Reduce your credit period, perhaps just 14 days from invoice date can make a huge difference to your cash flow.
3rd Do not forget that you have a legal right to charge interest on unpaid bills – it is always good, but to include information on such interest in your terms and conditions.
4th Do not rely on a verbal contract – it could prove binding. Be aware that verbal contract agreements are enforced in some cases. You will be much better off if you make sure that your written terms of any agreement.
5th Make sure your terms and conditions are both clear and easy to understand. While you may be able to trust on your terms and conditions in any proceedings, the value of a transaction may mean it is simply not worth taking a trial – and the whole idea with clear terms and conditions is to avoid problems arising in the first place.
6th Make sure that your client or customer is aware of your terms and conditions. There is not much sense to hide your terms and conditions away, where they will never be read. To ensure your clients or customers are fully aware of your terms and conditions will be very reduce the risk of any subsequent disagreement between you.
To ensure you have the right terms and conditions for your business is a critical element in preparing to make the most of the economic recovery. If you have not received these six points covered, have a word with an experienced business attorney.
About the Author
Tim Bishop is senior partner of Bonallack & Bishop, a firm of UK business law solicitors with offices in the south-west, offering legal services to private and business clients. Tim has spearheaded the firm’s expansion, seeing it grow by 1000% in the last 12 years. He is responsible for major and strategic decisions and sees himself as an entrepeneur who owns a law firm.
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