When engaging in business relationships, it’s important not to overlook the significance of establishing a proper set of terms and conditions of trading. No matter if you are a new business or an established business it is never too late to establish a set of robust terms and conditions to define the responsibilities between you and you customers or clients.
Terms and conditions of trading are legally enforceable agreements between a business and its costumer, which define the rules and expectation for selling a product or service. The terms offer a non-negotiable and consistent practice in selling their products or services. Terms should be easy and simple to understand as well as being transparent, so they may provide a clear set of key terms which governs the parties. Similarly, they also ensure trust and certainty to costumers that a business will trade in congruence to those key terms and conditions. T
Terms and conditions of trading outline payment periods and methods, refund and return policies, delivery services, and more. They are essential to the productivity and efficiency of a business. Terms relating to payment allow a business to plan its cash flow and respond appropriately if there is a risk of non-payment.
If a business where to forego using any terms and conditions, they would be more susceptible to misunderstanding and uncertainty. In some cases, this increases the risk of legal disputes. Therefore, it is of the utmost importance, for a business to establish strong, reliable terms and conditions.
One key way to strengthen your business’ terms and conditions of trading is thorough the help of legal services. A solicitor is the best route when your business needs to create, revise, or review your terms and conditions. We can help ensure the language of the terms and conditions are clear and concise and verify that they comply with legislation and regulations, while best protecting your interests.
In conclusion, without a set of robust terms and conditions it is easier for a business to fall into a slew of financial and legal issues. Terms and conditions of trading offer a sense of security and accuracy, detailing the relationship and responsibilities of each party.
The above is provided for information purposes and is not intended as legal advice. Fitzsimons Redmond LLP would be happy to discuss an update to your terms of business. Please contact us on 01-676 3257.
By Mary Kate Tweedale, intern and Lisa Quinn O’Flaherty, partner at Fitzsimons Redmond LLP
