Reviewing and renegotiating commercial contracts is crucial for the continuing business success of your organization. Your commercial contracts might have initially worked well, served their purpose and are still active today, whilst your company continues to thrive. But when was the last time you reviewed your company’s commercial contracts? Contracts, like most things, do go stale and sometimes rot away, creating irreversible damage unless you revisit, renegotiate and renew your contractual agreements, ensuring new legislations are complied with and your clients and suppliers are happy with the new terms. Your contracts need to be legally sound and fit for purpose; what might have worked a while ago may no longer fit its purpose. Moreover, laws change fast and furiously, so you need to ask yourself one question: What are my business liabilities under the existing commercial contracts and the new legislations set out by the government? For the continuing success of your business, it is crucial that you should keep all your contracts in check to ensure you are not in breach of new laws and legislations.
Commercial contracts should work like a comprehensive guide for your relationship with your clients and suppliers. For each relationship there should be a specific contract or guide. Your suppliers contracts should be adaptable according to purpose, rather than having one supplier contract that fits all. You need to negotiate your contractual terms and be prepared for future revisits and renegotiations, because the world changes and you need to be on top of things at all times. So, is the language and terms used in your commercial contracts concise enough to make it abundantly clear what your expectations, obligations and rights are? Is the price you’re paying a fair deal for you? You can get a better deal for your business with your commercial contracts by reviewing and renegotiating the means and purpose of your contractual arrangements.
A qualified commercial law solicitor with experience within a commercial environment will help you ensure your business continues to thrive, despite changes in the economy or legislation. With excellent technical skills and a dedication to delivering support to your business, your commercial contracts solicitor will painstakingly review the clauses and wording in your commercial contracts, will ascertain that they are compliant with new laws, and that the terms and conditions detailed mirror your own working practices and professional standards. Experience in commercial contracts negotiation and a great balance in legal risks with business objectives is vital when reviewing contracts. Even the best business plan needs readjustments from time to time and so do your business contracts. If you don’t readjust your business plan, the financial cost could be disastrous, and in the same way, your business contracts could have disastrous financial consequences if you don’t revisit them and readjust the wording to fit their purpose. By Sandra Garcao
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