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Avoid headaches and heartbreaks: Top contract checks

14/08/18 | Advice & Guidance, Business

You’ve worked hard to get this new business and you really can’t wait to get your teeth into the bulk of the work. You’ll finally get to show them why they chose you over the competition and do what you do best. But first you’ve got to sign the contract. Just 16% of people read the contract that they’re about to sign.

Make sure you check these important features of any contract and you’ll avoid ambiguity, plenty of misunderstandings and false assumptions in the process.

 

Notice period

At this point in time you’re probably wondering why on earth you’d want to be thinking about your exit strategy – you haven’t even signed the contract yet. But this is often overlooked and can make have a big impact on your business. What is your notice period to end the contract? It’s commonplace to have a month’s notice, but some may have much longer notice periods depending on your skillset and abilities.

In general, having a shorter notice period can be beneficial, meaning you have you’re more flexible to meet other customer’s needs if anything changes.

 

Payment Terms

You’ve been chasing this deal for months and now have your dream client offering you a contract, but the payment terms are 90 days. We all know that you might not have much of a say in the payment terms, especially if it’s a large company you’ll be working with. But knowing what the payment terms and processes are can help you plan more effectively and avoid any issues with receiving your hard-earned pay.

 

Post-contract covenants

Did you know that some companies might not want you working directly for their competitors for a period after your contract ends? If there are restrictive covenants in the contract, you’ll be bound by them even after the end of the contract.

If you do breach this covenant and the other party in the contract enforces it – you might have to pay damages or receive an injunction (basically you’ll be forced to stop what you’re doing).

Reading contracts thoroughly and understanding what is expected can help you avoid a whole host of issues and get your relationship started on the right foot.

If you have any questions or need specific advice get in contact with us here.

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