Failing to regularly review and update your terms of business can lead to problems. It can affect your relationship with customers, and it can have a serious impact on the legality of your terms and conditions. Legal and compliance issues can arise, if legislation changes and your terms of business become outdated. Your terms may not reflect the current legal requirements, and this could expose your business to financial loss or possibly legal action.
Not only this, but your business may experience difficulty enforcing its rights against other parties such as customers who fail to pay, suppliers who fail to provide goods on time, or contractors who fail to carry out their duties.
Failing to comprehensively update your terms and conditions may lead to ambiguity, especially if your terms do not reflect your current business practices. This can lead to frustration and dissatisfaction with those contracting with your business. It can even result in legal action if you are in breach of your terms.
Legal disputes are often costly and time consuming. Legal costs are not always recoverable, and the time spent on resolving disputes is better spent on running your business successfully. Litigation can also risk damaging your business reputation.
Regularly reviewing and updating your terms is best practice for your business. It shows your customers and suppliers that you are adaptive to current laws and sector trends, and it fosters trust in your business activity.
Talk to us
If you need any advice on business terms and conditions, or if you’d like a comprehensive review, then do not hesitate to get in touch with our expert dispute resolution team.
Matthew Cotton is a Senior Associate & Accredited Civil & Commercial Mediator at Hedges Law.
t: 01865 594265
e: matthew.cotton@hedgeslaw.co.uk
Share
Have a related issue you want to talk about?
