Terms Of Trade
What are Terms of Trade?
Terms of Trade are the terms and conditions on which your business buys goods and services from your suppliers and sells goods and services to your customers. These terms are the basis on which your business trades. Generally, if you do not take the initiative and set the terms on which your business trades, you will be stuck with the terms set by the person you are doing business with (which are likely to protect the interests of their business, not yours).
These terms, being largely legal jargon, are usually only thought about when there is a problem with supply of the product or service or if the customer is not paying. Hence they need to be right – and as watertight as possible – from the start.
In business, it is particularly important to have the right advice on hand before agreeing on the Terms of Trade or you and your organisation could face significant and far-reaching consequences.
Following the introduction of the Personal Property Securities Act, every business’ terms of trade should be comprehensively reviewed so as to ensure that your rights as a seller are properly protected. For instance, the old “right of retention” has lost its punch. Without PPSA registration you could be left with a powerless clause. This is just one thing we will consider while drafting terms of trade.
No business is to small or too big to benefit from secure Terms of Trade
For legal assistance with preparing terms of trade for your business or for advice on how to protect your business, call us now on 1300 907 335 or please fill out the contact form on this page and we will be right back to you.
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