Article - Terms of Trade - On What Terms Will You Do Business?
On What Terms Will You Do Business?
Most businesspeople want their business to convey a professional and “in control” image. Terms of trade can help and at the same time give you considerable legal benefits.
They are a central communication between your business and your customers.
Well drafted and well presented terms of trade show commitment to proper business systems and may save you money and costly disputes.
If any of the following apply to your business then you may need terms of trade:
- You supply goods or services before you receive payment for them (including 20th of the month terms);
- You lease equipment for periods that may extend to more than twelve months;
- You want to modify the statutory warranties that are implied when you make sales;
- You provide customers with your confidential information;
- You want to state a returns policy.
Terms of trade can be more than just a means of informing customers when payment is due. They can:
- contain Privacy Act authorities to enable you to collect and use information from your customers;
- provide for interest to be paid and the legal costs of debt collection to be recovered;
- be a means of taking security or guarantees to guard against customers failing to pay on time;
- give you priority for payment if your customer goes into bankruptcy or liquidation;
- offer additional warranties that your competitors do not;
- add an air of professionalism in the way you deal with your customers.
If you want to equip your business with modern, effective and well presented terms of trade contact TERRY KIRKHAM LAW today.
Most businesspeople want their business to convey a professional and “in control” image. Terms of trade can help and at the same time give you considerable legal benefits.
They are a central communication between your business and your customers.
Well drafted and well presented terms of trade show commitment to proper business systems and may save you money and costly disputes.
If any of the following apply to your business then you may need terms of trade:
- You supply goods or services before you receive payment for them (including 20th of the month terms);
- You lease equipment for periods that may extend to more than twelve months;
- You want to modify the statutory warranties that are implied when you make sales;
- You provide customers with your confidential information;
- You want to state a returns policy.
Terms of trade can be more than just a means of informing customers when payment is due. They can:
- contain Privacy Act authorities to enable you to collect and use information from your customers;
- provide for interest to be paid and the legal costs of debt collection to be recovered;
- be a means of taking security or guarantees to guard against customers failing to pay on time;
- give you priority for payment if your customer goes into bankruptcy or liquidation;
- offer additional warranties that your competitors do not;
- add an air of professionalism in the way you deal with your customers.
If you want to equip your business with modern, effective and well presented terms of trade contact TERRY KIRKHAM LAW today.