When you're about to secure a deal, it can be tempting to skip credit checking potential customers. However, extending credit in this way can leave you exposed to the risk of not being paid. It's a good idea to ask every new customer to complete a credit application. Comprehensive terms of trade documentation is vital to help protect against the loss of profit, provide indemnity from potential liabilities and enable charges to be imposed for late payment. They may also provide the advantage of reservation of title for goods sold, until the invoice is paid.
Full recovery of collection costs can be a simple matter of having effective terms of trade and credit management policies in place. Appropriately drafted terms of trade documentation establishes a clear legal relationship with your customer at the outset. This will improve cashflow and reduce the cost of monitoring payments, resolving disputes and unpaid accounts. Recognising that every business is different, we tailor documentation to your needs. All documentation is produced with your business details and logo as required.