Terms of Service and Trade

Terms of Service and Trade

Terms of Trade outline the conditions under which your business purchases goods and services from suppliers and sells to customers. They are a vital component of most business contracts and agreements.

Without clearly defining your own terms of trade, you risk being bound by the terms set by the other party, which may not be in your best interest or adequately protect your business. This is particularly important for businesses involved in the leasing or licensing of goods and services.

Engaging a commercial lawyer to draft your terms of trade is essential to ensure they reflect the commercial realities of your business. Poorly drafted or unclear terms can lead to misunderstandings, disputes, and may even render your agreements invalid.

Additionally, frequent changes in legislation can impact your business agreements. It’s crucial to stay up to date with legal requirements and regularly update your documentation to remain compliant

Terms of trade can be incorporated into Purchase Orders, Supply Agreements, Lease Agreements, Distribution Agreements, Licensing Agreements, Website Use, Customer Contracts, Membership Agreements, to name a few.   Within these documents for example, the following of many topics can be dealt with so that you can communicate clearly to the customer the terms upon which you are trading, clearly and concisely:-

• Payment terms
• Delivery of Goods;
• PPSR Registration;
• Risk and title;
• Payment schedules;
• Dispute Resolution;
• Warranty Terms;
• Limitation of Liability.

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How we can assist you

We take great care in drafting documents that fully address all relevant commercial considerations. Our goal is for these documents to serve as a solid defence, helping to prevent disputes and offering clear guidance on the terms of the business relationship.  We ensure that your Terms of Trade are clearly written, minimising misinterpretation or ambiguity. This clarity not only helps avoid potential disputes but also ensures that if a disagreement does occur, there is a well-defined framework in place to resolve it swiftly and effectively.

If you’re considering implementing Terms of Trade in your business or simply need advice don’t hesitate to reach out to one of our experienced commercial lawyers.