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Business Terms and Conditions
A good set of business terms is a vital part of your business' credit management process. They set down in writing the rules under which your buyer/seller relationship operates.
Correctly worded terms and conditions along with associated documentation establish a clear legal relationship between the seller and the buyer from the beginning. Having these in place will improve your cash flow and help reduce the cost of monitoring and resolving disputes over unpaid accounts.
Well drafted terms and conditions clearly state how the law will apply to the sale of your goods and/or services. In particular, they cover common areas of dispute, including liability or losses, alteration or cancellation of orders, delivery, risk, and the ownership of goods.
Make your Business Terms and Conditions Unique
Because every business is different, it is important to have terms and conditions specifically tailored to meet your businesses' requirements that are relevant for your trade or industry.
In essence, business terms and conditions represent your rules of your businesses' game. Accordingly, they should be designed for your business in order to provide you with a legally-enforceable shield that protects cash flow.
Business terms and conditions can be this powerful by enhancing your rights, limiting your liabilities, reducing risk of late payments and providing you with greater security when you sell your goods or provide a service.
Want to learn more? Why not read about General Terms and Conditions which provides a useful insight or find out more about How EC Credit Control creates terms and Why terms and conditions are important?