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Terms & Conditions

When Is a Penalty not a Penalty? — Are You Offside when Claiming Interest?

When you’re signing a commercial contract with a partner, you may find it includes a penalty clause. Or possibly you’ve included one in a contract you’ve drawn up. This is, in essence, a clause which states that a specific sum is payable in the event of a specific failure, such as late delivery of materials or services, or late payment of an invoice. Liquidated and Unliquidated Damages Penalty clauses have a contenti
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Terms & Conditions — You Have Them But Do You Apply Them?

Let’s face it, none of us read the terms and conditions for the goods and services we buy. In fact, the Telegraph suggests that it would take most of us fifty years to read them all. So, does that mean you don’t have to read the Ts & Cs in the contracts you issue, either? Absolutely not. And, more to the point, it’s essential to apply them. What Are Your Terms & Conditions For? Your Ts & Cs don’t have to
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What Do You Need in an Application for Credit?

If you’re applying for credit, it’s important to make it easy for the person looking at your application. They’re only human, and if you catch them on a hard day with an application that’s difficult to follow, they may simply decide to reject it, rather than try to make sense of what you’ve sent. All About Your Business Whether your business is a company or a sole trader, remember to giv
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How Can Businesses and People Take Responsibility for Their Actions — and Do You?

The Oxford English Dictionary defines responsibility as “The state or fact of having a duty to deal with something or the state or fact of being accountable or to blame for something”, and action as “The fact or process of doing something, typically to achieve an aim, or to act or do something official or concerted to achieve an aim or deal with a problem”. The question is, how can we take responsibility for our acti
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Keeping Your Business Out of Trouble

We’ve all read it over the past few months, banks, phone companies, and goodness how many other institutions have been hacked. Daily scams are becoming the norm; and every day seems to add to the problems small businesses are facing, myself included. I have written before about protecting your business with contingency planning and I make no apologies for repeating my concern. Remember to check this on a regular basi
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Infringement of Patents and Intellectual Property

If you own a company, it’s likely that you also own patents or intellectual properties. These can be valuable assets, and violation could result in someone taking profits that are legally yours, so it’s important to be vigilant for any infringement of your rights. A patent, as long as it’s renewed annually, restricts commercial exploitation of an invention to the holder or anyone they’ve licenced. Even if you’re the
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Small Print — Why Is It So Prevalent?

In March this year, following Which? study of car and travel insurance, the Department of Business, Innovation and Skills announced its intention to simplify small-print terms and conditions. Which? had found that, in some cases, T&Cs were longer than two Shakespeare plays put together, making it almost impossible for consumers to understand what they’re signing up for. According to Cambridge Dictionaries Online,
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Financing your business: What are the alternatives?

A guide to alternative business finance Setting up a business and funding it while it takes its first, unsteady steps in the world can be an expensive proposition. As it grows and becomes more resilient, a successful company will begin to be able to stand tall on its own 2 feet, but the initial infancy can be resource intensive. Traditionally, a business in need of finance walked into a bank and asked for it. Today,
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My top tips to avoid cash flow problems

  Cash flow is the lifeblood of business. Without money coming in, there’s no money to pay the bills you are running up for marketing, any staff or premises you’ve hired, keeping the lights on and the water running. It’s that basic, and that vital. But when you provide a service or goods without being paid up front, you’re extending credit to your customers. Then, if you have to buy in raw materials, credit may
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Start-ups are booming, but don’t forget the terms and conditions

A new year, with an election ahead and economic uncertainty in the eurozone, promises a rocky ride ahead. But a record number of budding entrepreneurs are gauging the risks and deciding that the time is right to start their own businesses. The government-back Start-up Britain campaign, run by the Centre for Entrepreneurs thinktank, has just reported that 581,173 new companies were registered at Companies House last y
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