Looking after your business

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Whether it’s a new start-up or an established enterprise, a business venture can be an exciting journey.

However, the journey can sometimes feel like a rollercoaster ride with ups as well as downs.

So, it’s important to know there’s somewhere you can turn to in the unfortunate event your business journey takes an unexpected diversion and that you have the right legal support against potential risks.

Kiran Virdee is the most recent addition to the Pudsey Legal team. She is a qualified Solicitor with experience in commercial and civil litigation and can also assist with advising on and drafting terms and conditions and commercial agreements.

Here, she explains why it is important for a business to ensure that it has suitable terms and conditions.

The importance of robust terms and conditions

Whether you are starting up or are running a successful business, there will always be plenty on your “to-do” list. Whilst it may not be number one on the agenda, having good terms and conditions of trade is vital for a number of reasons, including:

  • Certainty – If you do not know the exact terms of a business transaction, how will your customers? Without clear terms and conditions, a business is susceptible to misunderstandings, uncertainty and delay. Clear terms and conditions are imperative to ensure that everyone knows the exact terms on which they are trading and the exact expectations of the transaction. In the case of any dispute, clear written terms and conditions can also be produced as evidence.
  • Cashflow – If your customers are not clear about your payment terms, including when and how to pay and the consequences of non-payment, there may be misunderstandings and your cash flow may be disrupted. For example, if you need the customer to pay for materials up front, your terms need to specify exactly how much they need to pay and when, to avoid either delay, because you cannot order the materials in time, or the need to meet the cost yourself. Similarly, if a project has to be ended early for any reason, clear terms of what should happen in such an event can protect you against being left out of pocket.

Of course, one size cannot fit all. It is important to ensure that your business’ terms and conditions are tailored to your requirements and cover the potential issues your business may face.  Of course, your needs may also change over time as your business evolves and it is equally important to periodically review terms and conditions to ensure that they are still the right fit.

Please call me, if you think you and your business could benefit from a legal review.

 

 

Regards

Kiran

What's the next step?

Carolyn Monaghan

Legal Executive
& STEP practitioner

Call today on

0113 254 9733

To set up an initial consultation you can also email direct and arrange to pop into one of our offices.

Contacts

Telephone
0113 254 9733

Pudsey Legal
Cringlebar House,
415 Bradford Road, Pudsey,
Leeds, LS28 7HQ

Pudsey Legal
Trinity House,
32 Church Lane, Pudsey
Leeds, LS28 7RF


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