It’s about having terms that are fit for purpose...
Whether you are buying or selling a service/product/design, terms of trade are cornerstone agreements to be regularly reviewed to ensure that they are fit for purpose. This means refreshing terms to account for things such as business growth, changes in customer expectations, market and regulatory shifts.
Discuss with Janey what will be relevant for you so that she can prepare terms of trade specific for your business.
Service, Product or Design
- What is the buyer's expectation for your work?
- What are the design characteristics?
- Is the product fit for purpose?
- Are there any performance indicators?
- Timeframe to completion/delivery?
Fees
- Fixed fee?
- Upfront payment?
- Scheduled payments?
- Performance based fees?
- Ancillary costs? (i.e. travel, delivery)
Intellectual Property
- Who owns the IP?
- Are modifications allowed?
- Ability for contractor to showcase work?
Warranties & Risks
- Original or permitted work?
- Fit for specific purpose?
- Insurances?
- Commercial vs personal use?
- Compliance with law & regulations?