With the disruptions caused by COVID-19, many businesses have been pulling out their Terms of Trade, Terms and Conditions and other similar contracts.
Unfortunately, some are realising that their business is not as protected by their legal documentation as they had hoped. This could be due to several reasons, one being that they might have fallen into the easy trap of thinking that once they have terms of trade, they can be attached to every quote and not looked at again. Worse yet some businesses have realised they do not always have contracts in writing.
While it often makes sense to have standard terms of trade that apply to every transaction, we do caution businesses against the ‘one size fits all approach’. Borrowed terms may not be appropriately tailored to your business operation and/or do not reflect current law and legislation.
If you have not reviewed your terms of trade or other contract templates, now is an excellent time to do so. At TODD & WALKER Law we can help ensure that your contracts are robust and work for you (not against you) for future transactions. For example, many businesses are strengthening their payments and cancellation terms and looking to request payment upfront or by credit card where possible.
We can assist with a cost-effective review of your existing terms of trade. Please do not hesitate to get in touch with one of our commercial team lawyers: