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Traders Beware – Why T&Cs are so important
In an attempt to save on costs, there is a temptation for companies to draft their own terms and conditions, but this can mean businesses are trading on unsatisfactory terms and leaving themselves at risk. Sadly, business owners often only realise that the cost of ensuring that they are trading on watertight terms pales into insignificance compared to the cost of litigating over inadequate terms once it is too late.
Not only is it important to get it right from the outset, established businesses must take steps to regularly monitor and review their terms and conditions to ensure they comply with ever-evolving rules and regulations.
Carefully drafted terms and conditions will clearly set out the position of all parties and remove any ambiguity as to what is expected from each party. If questions are raised, having a set of comprehensive terms in writing enables you to point to the answer and avoid costly disputes.
2. Legal Protection
As a business owner, you will be sure what commercial and practical terms you want when you contract with other parties, but without professional advice it is easy to overlook important legal provisions such as limiting liability and the passing of title and risk. Without such clauses you are not sufficiently protecting your business.
3. Compliance with the Law
The law is constantly being updated and it is essential to keep on top of your terms and conditions to ensure that they are compliant.
4. Incorporation of Terms
Terms and conditions will only be effective if they have been properly incorporated into the contract. Do not make the mistake of having watertight terms which do not apply to the contractual relationship with your clients.
As well as drafting your terms and conditions, we will advise you on the practical steps you can take to give you the best chances of successfully incorporating them into your contracts.
If you would like to speak to a member of our Corporate Services Team about having new terms and conditions drawn up or if you would like us to review your existing terms to ensure they are fully compliant with the increasing plethora of legislation please contact Joel Molloy or Barry Niven.