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Changes to Terms and Conditions – The Impact of Covid-19
Changes to Terms and Conditions vs Covid-19
Changes to terms and conditions are like a stamp of your business profile. It’s a stamp and seal of your business direction, marking your vision. If your clients and suppliers want to do business with you, they have to agree to those terms and conditions, and have to legally abide by those conditions. But with the government imposed restrictions came new legislations to accommodate those restrictions.
When Changes Take Place
Terms and conditions should be reviewed and amended periodically. New clauses could be introduced and particularities could be altered. Prices change, management names change. Often these changes take place when management anticipates obstacles ahead. To avoid problems, new clauses can be introduced to the Ts & Cs. Transparency helps the business run smoothly, with suppliers and clients benefitting from clarity in the wording of agreements and any other document they have to agree to and sign.
Updating Your Ts&Cs
Because of the coronavirus related lockdown, there have been temporary legislation changes. Businesses are now confronted with the coronavirus pandemic and changes in law. Some of these changes happened overnight and will last for a while. For instance, Ts & Cs stipulate penalties for late payment. But with the current situation, businesses are having to waver certain penalties. Some suppliers are having to put stock on hold because the businesses they deliver stock to, are in lockdown.
New Clauses – In Case of a Pandemic
You can introduce a pandemic related clause to your Ts & Cs, to help you maintain a good relationship with your clients and suppliers. Once the lockdown is lifted, businesses will need to have in place a culture of good communication with suppliers and clients.
A business lawyer can support you during these difficult times. Would you like us to review your Ts&Cs or any legal documents? Please give us a call for an informal discussion. SG
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