Having a properly drafted contract is essential when trading with another company or business. Ideally you would trade on your own terms but, even if you can't, negotiating certain clauses can make all the difference. Let our team of experts help you.
With the desire to win new work and make profits, companies and businesses often overlook the importance of the contractual terms that they are entering into.
Whether you are a customer or supplier, wholly understanding the contract you are about to enter into can be vitally important for a wide variety of reasons.
Well drafted written terms are essential
It is always advisable to have a set of written contractual terms in place in any trading relationship to avoid potential difficulties later on – for example where there are issues with the underlying supply of goods and services.
- the absence of any written terms can lead to significant difficulties and litigation for either party to a contract;
- they can lead to unnecessary legal expense in trying to work out what the actual terms agreed between the parties are and the implications of this.
Whilst there may be a cost to ensuring that a clear contractual agreement is put in place at the outset, our experience shows that this could save enormous time, effort and expense later on in the event of a later dispute.
Include key contractual provisions
Even having simple key terms can make an enormous difference later on, including:
- what is being purchased;
- the price of the contract;
- payment terms;
- key delivery and supply dates; and
- a mechanism by which to resolve any disputes later on.
A supply contract does not have to be a very document heavy detailed piece of work. Even having straightforward terms that both parties understand can make an enormous difference.
If you do find yourself in the unfortunate position of being in a dispute over the terms of a contract, allow our team to help with any ongoing dispute resolution. We have decades of combined experience unraveling the intentions of the parties, working out what was likely to have been agreed and ensuring that our superb knowledge of contract law can work to our client’s advantage.
Whatever your concerns with regard to commercial contract whether it be requiring a new one, requesting a review of a contract you are being asked to enter into or trying to resolve a dispute that has suddenly flared up, our SME services team is here to help.