These days of economic difficulties have presented us with more and more challenges and demands on our business acumen. Running our business has become plagued with issues like late payment from our customers and with corporate insolvency becoming a common event we need to examine our customer contract and supply agreements. We may need to use the law and take its advice more often than in the past.

In supply agreements that you need to make with your customers it is most important to include a retention of title "Romalpa" clause. This will give you some protection that is required should you have the unfortunate happen and you are not paid for goods that you have supplied. You need to ensure that your agreement to supply contract contains this clause to protect you and your business.

Business and commercial law is a very fluid part of the legal system and you need to work closely with your legal advisers to keep up to date with current legislation and have your paperwork updated as often as is necessary to ensure that you are fully covered.

It is advisable to have a good working relationship with your legal advisors at all times, they will if they are efficient keep you up to date on any changes in legislation. Also remember that in some cases you may not want the products you have sold returned, in the case of perishables for example, your paperwork should reflect this.

The retention of title clause is not always the complete solution. It is just one of a number of steps you need to take as a business owner to protect yourself and your business. An efficient person handling the credit control department of your company and specialist insurance cover are also important parts of a well-run company.

Any paper work you give to your customers should be well written and easy to read and comprehend. Long tedious paragraphs are not as easy to digest as a few short sections that are more understandable for the prospective customer.

It is not advisable to delay the preparation of necessary and important legal paperwork. From the initial concept of your business you should automatically have all your legal protection in place. Should anything unfortunate happen then you will have the appropriate documents to hand as evidence that you will need to send to the administrator in the case of insolvency.

Tolhurst Fisher are one of the the top solicitors in essex. Contact us for legal help and advice.

http://www.tolhurstfisher.co.uk/