The importance of using robust terms and conditions of contract
As a business owner when you sell or buy a service or goods, you are entering into a contract with the person or entity that you are buying from or selling to.
There will be certain terms of contract that that sale or purchase will be subject to.
To ensure your rights and interests are protected, you need to have in place robust terms and conditions of the sale or purchase that will protect you. Many businesses when they enter into a contract neglect to do this and are then stuck with whatever the terms and conditions are of the other contracting party. You want to avoid this if at all possible, as it is highly likely the other sides terms and conditions will be weighted in their favour rather than yours.
If you have no option to insist your terms and conditions have precedence, then you should arrange for an expert contract law firm, such as S G Murphy Solicitors, to carefully go through the terms and explain and advise to you the individual terms and conditions and how they will impact on the sale or purchase.
A better scenario is if your expert contract law solicitor drafts up the Terms and Conditions that apply to the contract. And does so after taking detailed instructions from you as to what your needs are, what are the key risks, what do you want and what would be fair in the circumstances. This draft of the terms and conditions can be negotiated with the other side before agreement.
Having in place robust terms and conditions of sale or purchase ensure that your interests are covered in sale and purchase contracts that you enter into with your business. It is also essential that your solicitor takes your carefully through these terms so you know what you are contracted to do and what your rights are.