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ENSURE YOU GET PAID

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:
•    price
•    delivery
•    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 regret.

Written by Kylie van Heerden at 14:00

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