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Business Solicitors: How To Read A New Business Contract

Business Solicitors: How To Read A New Business Contract

Many companies that are on the cusp of winning a landmark deal try to rush into signing new business contracts.

Striking while the iron is hot may seem like the best course of action, but signing any contract is a bad idea if you do not fully understand all of the terms and conditions it contains.

Else recently advised a client that was about to sign a lucrative contract worth £250k per annum.

If the client had agreed to the initial draft and then subsequently failed to fulfil certain conditions of the agreement their business could have gone under.

Our team of expert business solicitors redrafted the agreement so it would protect the client’s business if anything went wrong. Here are their top tips on how to read a new business contract.

Business Solicitors Tip One: Read The Contract Thoroughly

We cannot stress this enough. When you are handed a new contract make sure you read it carefully, jotting down any queries you may have as you read.

Once you have done that, read it again making sure you check for references to the following elements and flag any query to the other party or their representatives.

Business Solicitors Tip Two: Define The Terminology

Make sure that definitions for all the major terms of the contract are clarified before the contract is signed.

Much of the difficulty surrounding commercial disputes could be avoided by clearly defining terminology within contracts so there is no room for misinterpretation.

Business Solicitors Tip Three: Pricing & Payment

When reading through a new business contract make sure it stipulates the amount you will be paid, when you will receive payment, and the method of payment.

Our commercial solicitors can help you to include useful late payment terms and debt recovery conditions to this area of your contract.

Business Solicitors Tip Four: Capping Your Liabilities

If you’re not au fait with business contracts you may unwittingly sign-up for unreasonable liabilities.

When you are reading through a proposed business contract be mindful of the responsibilities it is allocating to you.

At Else, we strive to cap our clients’ contractual liabilities and strike a reasonable balance of risk between parties.

Business Solicitors Tip Five: Terminating Your Contract

One of the most important aspects you should consider when analysing a commercial contract is how you can get out of that contract.

Whether it is by breach or for no reason at all, you need to consider the process of terminating this contract before you agree to it.

Our commercial solicitors can recommend the best termination processes to suit your business’s objectives.

Business Solicitors Tip Six: Missing Clauses

Whilst analysing a new commercial contract you should be mindful of the terms that you expect to be included in it.

If there are any missing clauses make sure that you insist that they are included or negotiate their inclusion with the other party.

Else can offer you expert guidance on business contracts and draft them in accordance with your specific objectives.

If you would like to speak to a member of our Corporate & Commercial department for no obligation advice please call 01283 526200 for advice. Alternatively, you can send us a message and we will get in touch at a time that suits you.

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“I was advised at a preliminary court hearing that I should engage with a solicitor for legal assistance on my court case. I researched Else solicitors and had an initial call to discuss my case, which I was impressed with. I engaged with their services and worked with Chris throughout the matter. He was impeccable with his communication and quick to respond. As a result of his hard word, Chris successfully resolved the matter through negotiation saving future legal fees and avoiding the need to attend the final court hearing. I would highly recommend Else’s services for future business legal requirements.”

Dispute Resolution Client

``I wish to express my sincere appreciation for the excellent service provided to me by Kathryn Caple and an Else Solicitors team. I could not have completed my father’s estate and his Will processing without their
kind help while I am leaving in USA.

Kathryn is one of the shining examples of professionalism, caring and knowledgeable person. She listened, advised and kept me informed throughout the process dealing with my father’s estate. I am very pleased with the quality, responsiveness and extensive legal expertise of Kathryn.

A massive thanks to Kathryn and Else Solicitors Team! I would highly recommend their service.

On my personal note, I really enjoyed working with Kathryn. I could not be more satisfied.”

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Wills & Probate Client

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Wills & Probate Client

``I would like to thank Kathryn for her support and guidance throughout this protracted procedure of settling the affairs of my relative. My family and I appreciated your endless patience”

Mr Terry Wills & Probate Client

``I used Else Solicitors recently to do my probate work, having had excellent service previously on some house sale matters. Kathryn Caple, their head of probate was exceptionally efficient and knowledgeable. I had total confidence in the expertise I was being provided and the work was completed in a very timely manner. Feedback was continuous and I was totally satisfied by the outcome``

Russell Jeans Probate Client

``We are very pleased with the service Else Solicitors provided for us. We had retentions that were overdue (circa £40K), the Main Contractor had missed the payment date on their Payment Certificate, when chased we were told that they couldn’t pay for another couple of months due to cashflow, we had been in similar situations before, having been given payment plans that weren’t met, and then companies go into liquidation.

I looked on the Internet and filled in Else Solicitors web enquiry form, A member of the team called me back and talked through the various options, which I took away to discuss internally with my business partner. We agreed the plan of action which Else's team executed swiftly and efficiently, dealing with all correspondence received from the Main Contractors Solicitors, our monies were received in our bank within 2 weeks.

Can’t recommend Else enough!``

Construction Client Construction - Retention Monies

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Angelica Duncan Director - Chameleon School of Construction

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Liz Strama CEO - HR Protected

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Dean Nelson Partner - Business Recovery & Insolvency - Smith Cooper

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Debt Recovery Client

``Thank you Else Solicitors and in particular Laura Charles for another successful outcome this week in the recovery of our bad debt. We don’t get them often but it’s a huge relief and comfort to know we have your friendly but extremely professional firm always there ready to help with very little notice. It’s an absolute pleasure working with you and here’s to many more successful years. Thank you!``

Debt Recovery Client

``A massive thank you to Laura and the rest of the team at Else solicitors.
We had some issues retrieving monies owed from a previous contractor for the past 2 years, and the team really did go above and beyond.
From our point of view, it was money very well spent as within 2 weeks full payment was made by the contractor who previously had a very stern view of not paying.
Laura and her team battled many emails with the contractors solicitors, all of which was included in the price.
A massive thank you once again! Would highly recommend!``

Debt Recovery Client

``I would like to extend my thanks to Chris and the team at Else Solicitors for their support and guidance over my recent purchase of Ethical Property Partners England and Wales.
Chris and his team,have been professional and supportive throughout and where needed have been prompt in their responses, often at late notice.
I was really pleased with their approach to helping myself and my Business Partner Paulene navigate the pages and pages of contracts and break them down into plain English where needed!
I'm looking forward to them being able to help with the next step of sorting our Shareholder agreements!``

Amanda Jarvis-Doyle Ethical Property Partners (Property Consultant)

``We provide international shipping services to customers and following the non-payment of an invoice, we instructed Else Solicitors to seek recovery of this.

Proceedings were issued and the case proceeded to a final hearing. We cannot thank the team enough for the work put into this case as the final judgment was in our favour and we recovered the debt in full, plus a portion of our legal costs.

The Team explained each step of the process to ensure our understanding of the case and provided updates at every opportunity. We were very pleased with the final result and the support received on the run up to the hearing.

We would not hesitate to use their services again.``

Ian Hardie Sales Director at Smart Directions Limited.

``Laura and the team have become an excellent asset to our finance department over the last year. They have helped us recover debts in full from 2 particularly difficult payers that we had no hope of recovering ourselves! They make the process simple and easy to follow, and always have a quick, helpful reply when we need something clarified. I would recommend Else Law to anyone who needs additional help with pursuing uncooperative customers because so far they have a 100% success rate with us!``

Debt Recovery Client

``A huge thank you to Laura and Elselaw for assisting in recovering monies owed on a 12-month-old invoice. Even though our business is based in Australia, we were impressed how quickly they assisted with our enquiry and put us at ease given the international element to the litigation.

We would highly recommend any business based outside of the UK, who has a troublesome UK client, to consider using Else Solicitors (Laura!) to resolve their issue quickly and efficiently.”

John Morgan, Director of Forensic Instinct

“The Else Debt Recovery team have done an excellent job in keeping us organised and on track over the past 18 months and the Commercial Dispute Resolution teams input has been a great help in recent months, dealing with the more problematic situations, including collection of the largest debt by speaking directly with the MD and owner of the debtor company, taking the heat out of that situation”

Debt Recovery Client

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Wills and Probate Client

``Forté Lubricants a division of Illinois Tool Works Ltd is a manufacturer and supplier of petrol and diesel-operated engine additives and has 40 years of experience helping and advising UK garages improve vehicle engine performance with our range of products.
Most of our debt recovery is done in house, however, we sometimes require Else to recover debts on outstanding invoices by one off buyers to the value of £500, resulting in Else recovering the money in full in less than 30 days.

Having a well-known reputable company in Else at the end of a phone is reassuring. We have found that since we have been using Else to recover debts, we have saved time, money and most importantly their expertise means that the debt is almost always recovered.

Else offer an outstanding service which we have used for over 5 years. We would thoroughly recommend their service without hesitation.``

Lisa Griffin Debt Recovery Client
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