10 Reasons Why You Must Have Terms And Conditions For Your Business
Are you are setting up in business, buying or growing an existing business or simply reviewing and taking stock? Wherever your business is, you should always ensure you have comprehensive Terms and Conditions and that they are up to date.
All businesses of every kind and size need to have Terms and Conditions in place and here are 10 reasons why:
1. They provide certainty in case of any conflict or disagreement between the business and its’ customers or suppliers
2. They will be bespoke to your particular area of business and can be tailored to meet your exacting industry needs.
3. They will protect interests that you may not have considered such as limiting your liability in certain circumstances or dictating exactly when ownership in goods passes.
4. It will save you time and money in case of possible disputes and may prevent any costly Court action being.
5. It shows that you take running and managing your business seriously and expertly and possible customers and clients can take comfort that the product or service that you provide is specialized and authentic.
6. They can provide evidence of compliance with individual industry legal requirements.
7. It provides peace of mind that you can get on with running your business safe in the knowledge that this part of the business is protected.
8. They will save time at the point of sale and can be incorporated into buy orders and delivery notes leaving you to deal with the basic issues such as price and delivery.
9. Your customers and clients rights will also be safeguarded and they can take comfort in that you are providing them with a clear and concise procedure in case things go wrong and how any complaints will be handled.
10. In case of any change in the direction of the business or in the law itself, Terms can be changed fairly easily and quickly ensuring that you are kept as protected as possible and that you are complying with the law.
Having a comprehensive and strong set of Terms and Conditions should be a dominant consideration for any business owner. Many commercial law experts have seen from experience the difficulties caused and the disruptions to business. These disruptions inevitably incur costs to the business as a direct consequence of not having these in place or by simply not updating and reviewing existing terms regularly. consequently, it makes perfect sense, that by having Terms and Conditions professionally drafted, business owners can have the security and the peace of mind in the knowledge that they are protecting their business and complying with the law.