Shareholders’ Agreements: Ten reasons why having a shareholders’ agreement in place is a good idea.
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Does your business have a clear and cohesive set of terms and conditions?
The terms and conditions for your business serve as a framework which dictates interactions between your business and your customers.
Tailoring your terms and conditions is an essential part of safeguarding your business. They form a legal contract between you and your customers, outlining the terms on which you will do business and where responsibilities lie when things don’t go to plan.
A robust set of terms and conditions will protect you and your business from lengthy disputes. It is essential that you seek legal advice from an expert to guarantee that everything is completed correctly, and that your standard business terms and conditions are fit for purpose.
Why is it important to have a set of terms and conditions for your business?
Having a clear and cohesive set of terms and conditions in place can save you time and energy by reducing the risk of potential disputes arising against your business, and providing a framework for the resolution of a dispute if one were to come to fruition in the future.
Without a robust set of terms and conditions, incorrect assumptions and expectations can occur on both sides of the transaction, leading to a potential dispute which can be both time consuming and costly. Having a clear and cohesive set of terms and conditions allows for your business to properly set expectations for its customers. If something doesn’t go to plan, they then act as a safeguard to prove that your business acted accordingly by adhering to the agreed upon provisions, providing you and your business with a clear framework to resolve the dispute in a timely and cost-effective manner.
What should I include in my business’ terms and conditions?
No two businesses are the same and although terms and conditions will often incorporate the same key terms, particular attention needs to be made to how you operate your business. It’s not one template fits all. For example, copying a US competitor’s terms and conditions if you’re based in the UK is always a bad idea for many reasons (including those relating to jurisdiction). Similarly, copying a third party’s terms and conditions means that you could be infringing their copyright resulting in a potential claim being brought against you.
How often should I review and/or change my terms and conditions?
Businesses evolve and circumstances change, making it essential to periodically review your terms and conditions. By doing so, you can ensure that your terms are up-to-date and continue to offer the necessary protection for your business. Regularly revisiting and updating your terms and conditions helps to address any potential new challenges, comply with changing regulations and procedures, and safeguard your business’ interests effectively. At Myers & Co, we suggest that you take the time to review your current terms and conditions to ensure that they are protecting your business as much as possible.
How can our lawyers help you?
Our commercial lawyers understand the balance between the need to have such terms and conditions in place whilst having the flexibility to do business on practical and sensible terms.
Myers & Co Solicitors can support you by preparing a bespoke set of terms and conditions tailored to your business or are able to review your current set of terms and conditions and advise you on what (if anything) needs changing.
Based in Stoke-on-Trent, Staffordshire, our commercial lawyers have a reputation for providing accurate advice and dealing with complex problems in an efficient manner. To find out more, contact us on 01782 577000.
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“A quick and professional service. Information documentation was provided quickly. Legal terms explained simply!” Ms D
