If you are setting up in business for the first time whether as a Sole Trader or operating as a Limited Company buying and/or selling goods and services it is vital that you have Terms & Conditions that
- set out the basis of the Contract you want your customers to enter into
- are relevant to your specific business
- reflect how you actually operate your business
- are properly brought to the attention of your customer
- are up to date given the pace at which Commercial Law changes
- are enforceable so as to ensure you will be paid if you have to rely on them
Don’t listen to people who tell you that you don’t need them yet or that you can just cobble together any form of words copied from anyone!
Do not be fooled into thinking if there is enough “small print” they must be good!
If you decide to put this off what happens when something goes wrong and you become embroiled in a long running business dispute involving an amount that may be critical to the survival of your business?
Well, if your Terms & Condition are all that they should be you have nothing to worry about.
However, if they are of the cobbled together variety………
- you run the risk of not getting paid as quickly as you would like
- you could become involved in Litigation that is a drain on your time and financial resources
- this damage to your Cash Flow could put the survival of your business at risk before it has really got going