Yorkshire businesses are being offered a simple way to avoid being caught out in the current economic climate with a free Terms & Conditions healthcheck from leading Sheffield solicitors, Wake Smith & Tofields.
Prompt payment is a major concern for companies at the best of times, but the risks have increased dramatically during the recession as people attempt to conserve cash by waiting until the last minute to pay for goods and services.
According to research by Barclays unveiled this week, the average debt owed each month to small businesses by their customers has jumped by almost 20 per cent in the last year to £2,440. The total amount outstanding is an incredible £10.3 billion.
About 60 per cent of the companies surveyed said that they had problems with late payments and a third of those said the problem threatened their day-to-day survival.
Michelle Hayward, Partner in the Company Commercial department at Wake Smith said: "Times are hard for us all and customers or suppliers may, rightly or wrongly, seek to find ways to avoid or delay payment. Terms and conditions of sale must be explicit in detailing payment terms otherwise firms will find it difficult to sue for unpaid invoices. It is too late to include these terms on the back of an invoice as the contract is made at the outset and that is when the terms should be incorporated.
"This is why we are offering a free Terms & Conditions healthcheck to ensure local businesses have the right protection in place during this difficult trading time. A simple action such as updating your Terms & Conditions can have a dramatic difference on Sheffield businesses' longer-term future.
"This offer will provide businesses with real advice and solutions as to how they may consider redrafting their terms and conditions to survive and thrive in the current economic climate."
For more information please contact Duncan Shepherd at [email protected].
Terms and Conditions offer:
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Potential clients must provide terms and conditions in advance to Wake Smith & Tofields.
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The review includes one set per customer for free e.g. either terms and conditions of sale or terms and conditions of service.
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The review includes business to business contracts only.
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The review includes oral advice at a face to face meeting. Suggestions will be provided as to improvements that could be made. Redrafting can be arranged between business and Wake Smith subject to fee.
