Blog/News

Smart Business - Are your terms and conditions of trade in order?

Monday November 2, 2015

Smart Business - Are your terms and conditions of trade in order?

I'm often amazed how some fairly substantial companies have poorly drafted terms and conditions of trade or other essential contracts, which can cost significant lost revenue.  The risk of lost revenue can be minimized by having proper documents drawn up by a lawyer.

Terms & Conditions Checklist…
Do your T & Cs:

YES

NO

· Adequately describe what products or services you will be providing?

 

 

· Clearly describe prices and payment terms?

 

 

· Specify the scope of any guarantees or warranties?

 

 

· Indicate when risk in any goods will pass to the purchaser, particularly if goods are being transported long distances within Australia or internationally?

 

 

· Properly specify retention of title terms and your rights in terms of the Personal Property Securities Act (PPSA), when you provide goods on payment terms or consignment?

 

 

· Set out which law will be applicable, particularly if you do interstate or international work?

 

 

This list is not exhaustive and there is no "one size fits all" solution, but if you answered "No" to more than one of the above questions, (or even worse don't have any proper terms and conditions at all!), then please contact Hicks Oakley Chessell Williams Lawyers, for further advice on suitable documentation for your business. It could make a significant difference to one of the most important issues to most businesses - cash flow.