When it comes to trading, businesses are usually bound by two groups of terms – The ones from their suppliers and the ones between the business and their customers.
You should ensure that the trading terms that you are bound by do not contain unfavourable terms that put your business at risk of financial loss.
If you supply goods on credit, check that you hold security for the payment of your account by having properly drafted a retention of title clause in your terms and conditions that are signed by your customer and having systems in place to register your interest over the goods you supply to your customer.
If you supply goods for personal, domestic or household use or consumption, beware of the new unfair contract terms legislation that came into existence in November 2016. Any unfair contract terms could be declared void and unenforceable by the Courts.
Over the years we have dealt with many questions from businesses from a variety of industries at all stages of trade. Our passion is guiding people and businesses in the right direction, ensuring all processes and actions are backed by and comply with the latest laws and regulations.
For further information regarding terms of trade and businesses, contact us at M 6:8 Legal.