ENSURE YOU GET PAID
Whether you are selling products, providing a service or operating
an online business, Terms of Trade are a business essential. Terms
of Trade establish a clear legal relationship with your customers
from the beginning. They deal with matters such as:
• product or service warranties
• limitations on liability
• and perhaps most importantly, provide
protections to ensure you get paid.
Debt collection, whether you use a debt collector or head off to
Court, can be a painful cure to your debtor problems, both in terms
of time and money spent. When it comes to debtor management,
prevention is better than cure.
If you are a seller of goods, you can take a "security interest"
in the goods (i.e you retain ownership until paid), giving you the
right, among other things, to re-possess the goods. Having a good
set of Terms of Trade helps to protect you and your business
against lost profit. It allows you to set a clear process for
dealing with unpaid invoices, and to charge for your costs incurred
when enforcing that process.
Terms of Trade do not have to be lengthy legal documents. They can
be tailored to suit your business and attached to the back of a
quote, an invoice or posted on your website. There are various user
friendly options available that will give you the protection you
need without scaring away your customers. Terms of Trade are a must
for any business, small or large, and an investment you will not