Contract Initiation Matters

A contract is a binding agreement between two parties. Whether it's written or verbal between a company and their client, it is legally binding.

When you are starting a business, it is easy to just take off and go. Improve as you run the business instead of waiting until everything is perfect. Contract can either be service or sales based.

Assuming your business offers services in addition to or instead of selling a product, you will need a service contract. This should be written to eliminate any misunderstandings and to also prevent you from taking on more liability than you should. It should also establish when you can complete the services and any fees associated with this, including a provision for additional fees given unforeseen circumstance.

If your company will be selling products, sales contracts are key. Here, you specify the price the products sell form, terms and conditions related to their sale, and if there are any warranties or guarantees. This contract doesn’t need to be a stand-alone document, depending on what is being sold. In many cases, it is just the fine print on an invoice.

The supply contract is the best shot when it comes to this aspect of business. One supply job done well can put a huge smile on your face.

However, having a quality customer service, competitive market price, sustainably products from (sources) and trust can give you an edge over your competitors.

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