The Credit Crunch makes ‘General’ Terms and Conditions a Risky Practice
02 July 2008
As the credit crunch takes hold on more and more commercial arrangements, those business practices not covered by traditional ‘mainstream’ legal documents
In today’s climate, the small print can be the difference between protecting yourself and leaving yourself wide open to serious problems. This can be particularly serious for niche businesses that don’t make sure their T&C’s completely fit the purpose. A common habit is to copy and paste someone else T& C’s, then self adapt them to fit the business but this will frequently not be sufficient. The risks include experiencing defaults or delays in payment when people look to highlight loopholes in agreements as a way of getting through the credit crunch.
But businesses can ensure they are prepared for this risk by simply ensuring that all legal documents are drafted specifically for the needs of the business argues Miriam Taylor from Net Lawman, a company specialising in providing legal drafting services for all types of business arrangements.
“Most standard documents are designed to cover typical contractual situations and there will inevitably be businesses for which these documents do not protect them from dispute completely. Typical businesses that fall into this bracket can include dating agencies, members clubs, organizations with various debt repayment, conditional loan and convertible loan agreements and also includes confidentiality agreements and reseller agreements” advises Taylor.
“If any aspect of your business is unique or unusual, it is strongly advisable to have your documents drafted specifically to meet your requirements. Using an online provider of legal drafting services is by far the most cost effective approach and many documents can be drafted from scratch for less than £250”
Released By
Net Lawman UK
