Commonly, businesses supply products or services without formal agreements. Typically, experienced business lawyers see disputes occur when the terms of the transaction are not clearly outlined in writing. Avoid misinterpretations and disputes by providing customised, written Terms of Trade at the beginning of your transaction.
Terms of Trade explained
Terms of Trade outline the scope of work together with the rights and obligations of the parties involved in the transaction.
Why do businesses need terms?
Surprisingly a business can sell products or services without Terms of Trade. However, it can open your business up to more risk if you do.
Outline what the consumer receives in exchange for their payment(s) and who bears the risk if something goes wrong. Manage your suppliers and customer expectations whilst avoiding misinterpretations and misunderstandings.
Governed by the Australian Consumer Law and Fair Trading Act 2012, a contract in Victoria may include (but are not limited to):
Good or services to be provided
Warranties and indemnities
Risk & insurance
Retention of title (Romalpa clause)
Depending on the type of business you own, there may be other terms that should be included in your contract. Therefore, address specific issues you typically face with suppliers or customers in your terms contract.
Customised Terms of Trade
Every business is unique. Therefore, every set of term agreements should be different.
Investing in an experienced business lawyer in Geelong to draft a comprehensive Terms of Trade will:
- protect your business
- protect your cash flow
- prevent confusion
- outline the rights and obligations of everyone involved in the business transaction
- potentially recoup losses in a dispute
Business lawyers in Geelong
Undoubtedly, Whyte, Just & Moore business lawyers are experts in preparing and reviewing Terms of Trade. As Geelong-based lawyers, we are familiar with the legalities and issues that many businesses face in the region. If you are a business located in Geelong, the Bellarine and the Surf Coast regions we can help you with customised business agreements. Plus, our experienced legal team has a plethora of experience assisting companies to avoid disputes if they occur.