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A well-crafted set of Terms and Conditions (T&Cs) serves as the foundation for clear, enforceable, and transparent relationships between businesses and their clients. Whether you’re a startup or SME defining your service boundaries, or an established corporation refining your contracts, understanding what to include in your T&Cs is crucial for protecting your interests and managing risk.
With their extensive legal and commercial expertise, the Bexley Beaumont Retained Counsel Team delves into the essential components that make up a robust set of T&Cs, identifying the key elements that can safeguard your business and provide clarity to your customers.
Jill Chamberlain - You must make sure that you have capped your liability. I frequently see sales contracts where a supplier has not limited its liability.
Hugh Goulbourne - Check your payment terms and insurance. Having a standard fixed payment term can help minimise cash flow issues, whilst having figures that align with your insured position is crucial.
Nikki Ferguson - It is great to have a standard set of terms, but you need to make sure that they apply to your contract or the order, whether it be business to business or business to consumer.
Elizabeth Selby - Think about your scope of work. Unless you provide an identical service to all customers, you should be thinking about your scope of work every time you enter into a new contract. The clearer the scope, the less risk of spiralling costs and customer conflicts.
Gavin Nathanson - T&Cs are ultimately about setting out the parameters by which you conduct your business with your clients. Ideally, they should be fair for both parties and be as relevant and understandable in x years’ time as they are at the point of signing.
Ian Thomson - A well-drafted, bespoke set of T&Cs, that fully and accurately reflects how your business operates as opposed to something simply pulled off the web, is a sound investment and an indispensable tool in the effective management of your legal, commercial and financial risks.
Crafting a comprehensive and effective set of T&Cs is more than a legal formality, it's a critical step in safeguarding your business and establishing clear expectations with your clients.
Ready to refine your Terms and Conditions? The Retained Counsel team is here to help. Get in touch with any member of the team above, and take the first step to a more secure future for your business.
