How to manage contracts for provision of goods and services
Here are our Top 5 tips on how to manage contracts for the provision of goods and services, whether you are the provider or receiver under the contract.
1.Understand the contents of the contract document, be it a terms of trade or full contract document. Read it and study it with a yellow highlighter- don’t presume you know what it contains. If you are at all doubtful as to your understanding, see your solicitor to provide you with a written review.
2.Summarise the contract in terms of what you have to ‘give’ and what you will ‘get’ under the contract, and the timelines and quality of the products and services involved.
3.Provide the summary of the contract to relevant employees and ask them to ensure that the ‘give’/‘get’ is working for all parties on a daily basis, and to alert you if they think it is not.
4.Build continuous performance reviews into the contract. Never become a party to a ‘set and forget’ contract. Take the performance reviews seriously, prepare minutes of your internal and external meetings and those where you meet and correspond with the other party or parties. Follow up with confirmatory emails and letters where necessary. In other words – stay on top of the detail!
5.Engage the assistance of a secretarial person to help you develop a contract file, with sub folders for such things as the reviews, general correspondence, and overall bookkeeping of the contract. Secretarial assistance is relatively inexpensive, in comparison to the value of the contract and the costs involved if there is an argument.
From our experience with contract disputes, if clients on both sides of the deal follow these 5 tips, the chances of contract disputes occurring are minimised. Surely, no matter what side of the deal you are on, you would want that, if you want to be successful in providing or receiving products or services.
Call us on 07 5536 3055 to make a no-obligation appointment with one of our solicitors.
Cost Free Initial Consultation
If you are interested in knowing more about how we might be able to assist you, please call 07 5536 3055 to make a cost free initial, 40 minute consultation with our Principal, Mr Jim Wilson.