Business Contracts

As a supplier you should always check out the companies/people you are dealing with. Are they reliable and established? You don’t want to get caught out by insolvency or even fraud. You should also carry out a check on the financial soundness of your customers. We recommend you have a process in place. Create a form and send it to potential customers to complete, authorising you to get bank, credit and trade references. Here we have full details of what you can do to ensure you are setting up a relationship that works well and lasts a long time.

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Every business transaction involves a contract, and generally speaking, unless the transaction is an over-the-counter sale, it is much safer to put the terms in writing.  As Nobel prize winner, Oliver Hart says in the quote on our homepage: “From shopping in a store to running a corporation, contracts and agreements matter everywhere.”

Whilst it is tempting to agree terms of a transaction on the basis of a handshake or an email, a canny buyer or supplier should always ensure that they have entered into comprehensive terms which cover the key aspects of the deal.  Contracts are the glue that seal the relationship between a business and its customers or clients and provide certainty. Good contracts make great relationships! Here we cover in-depth what you need to know.

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