Terms of Business
What are terms of business?
Terms of business are often referred to as standard terms and conditions or standard terms of business. They are predefined terms and conditions that a company uses for multiple transactions with different customers. Terms of business are typically non-negotiable and designed to streamline the process of doing business by providing a consistent set of rules and guidelines.
When would you need terms of business?
You need terms of business whenever you are engaging in transactions or interactions with customers, clients, or partners. The many benefits of using terms of business include setting clear expectations, outlining responsibilities, and protecting the business of both parties. It is worth getting your terms of business right at the outset, as there are some potential pitfalls, given their rigid nature.