Terms of Endearment – Part 2
Your terms are important – what you say and how you say it matters both in your business and in your personal life.
What about other people's terms? It is just as important to know what your suppliers terms and conditions are, as it is to know how your partner or spouse feels. There is no point in declaring your love to someone who is about to tell you it's over! There is no point in doing business with someone whose terms and conditions require you to pay them within 14 days if you aren't going to get paid for 28 days unless you're got good reserves. So obviously you need to check their Ts and Cs before you start doing business with them and you need to make sure you understand them.
What happens if they then try to change their Ts and Cs after you've started working together, as VTech did recently. They have sought to amend their trading terms to exclude any liability for losses incurred if their systems are hacked. Can they do that? Does this mean that they no longer have to be vigilant in protecting data?
In all relationships things change, and sometimes that can be a good thing, but if you need advice as to how to change your business terms, or how changes in someone else's terms affect you, contact me for help at email@example.com.
Kleyman & Co Solicitors -the full service law firm. We will always be consistent even if others are not.