Why are Terms & Conditions of Business so important for your Small Business?

Terms & Conditions of Business are important for a business of any size, but for smaller businesses are often something that get overlooked…or something we will ‘get around to eventually’, if that time ever comes!

As a business owner myself, and as someone that works extremely closely with businesses and companies, I know how those businesses work, how their staff work and exactly where they envisage their business going. However, as we know, we may have the best intentions but not always have the best protection in place…until something goes wrong and we desperately need it but don’t have it!

Having cast iron Terms & Conditions of Business in place to protect you and your business is so important – this is where we can definitely help you.

So, what should your Terms & Conditions include?

Your Terms & Conditions of Business are what you rely on to fulfil your contracts or services to clients and, most importantly, mean that you get paid, and get paid on time!

A good set of Terms and Conditions will include:

Your details and Contact Details
The Details of the Contract
- Accepting the Order / Work
- Refusing the Order / Work
Products / Services
Your Right to Make Changes
The Client / Customer’s Right To Make Changes
Provision of the Products / Services
- Delivery
- Timeline
- Subscriptions
- Taking Delivery
- Re-Arranging Delivery
- Transfer of Title
Suspension of Products / Services
Ending the Contract
- Your Rights
- Client / Customer’s Rights
- Consumer Statutory Rights
- Cancellation Periods
Complaints
Price & Payment
Limiting Liability for Loss & Damage
Data Protection
Assignment Rights
Third Party Rights
Severance
Waivers
Jurisdiction
Alternative Dispute Resolution

As you can see, there is a lot that SHOULD be in your Terms & Conditions, much of which you may think doesn’t apply – in some cases it won’t, if you provide a service for example, then physical delivery of products is not going to be necessary for you.

However, many of these are applicable and will be very relevant, especially if a business relationship, or a relationship between you and a client / customer, breaks down…what will you have to rely on?

We offer a FREE REVIEW of your existing terms to advise whether any additions or amends should be made and are always happy to have FREE CHAT with anyone looking to get their first set of Terms & Conditions in place ready to grow with them and their business.

If you would like to have a free chat about how we can help you, please contact us on
info@TotalLegacyCare.co.uk or 01727 865 121

Leah Waller

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What is the difference between Mutual Wills and Mirror Wills?

The concept of having Wills that mirror each other, for spouses is not something new, however there is a BIG difference between ‘Mirror Wills’ and ‘Mutual Wills’ and this could have consequences later down the line.

Mirror Wills is a term that many are familiar with but this is often used interchangeably with Mutual Wills, and they are VERY different.

So, first things first…

Mirror Wills

Mirror Wills, as you would expect, allow spouses to mirror each other’s wishes, passing their assets to the surviving spouse upon the first death and following the second death, the assets will be passed to those as agreed by both parties when the Wills were drafted.

However, unlike Mutual Wills, the surviving spouse is able to make changes to their Will, or make a new Will, following the death of their spouse, should they choose to do so.

This does however mean that, should the surviving spouse remarry, they could leave their entire Estate (including that inherited from their deceased spouse) to their new spouse and this could mean that the children of the spouse that passed first could be left with NOTHING!

Mutual Wills

Mutual Wills are not as common as they once were and are not usually recommended by Will writing professionals, for the simple reason that once one spouse has passed, the Wills become binding on the surviving spouse and they are unable to change their Will. Whilst both spouses are alive, the Wills can be amended as much as they both wish, however, following the first death no changes can be made, and if any are made they will not be legally binding or valid.

That being said, Mutual Wills may be preferred by those that want to protect their Estate and inheritance for their children if their surviving spouse remarries. Mutual Wills, unlike Mirror Wills, are not revoked by marriage and thus even if the surviving spouse does remarry, their Will will remain in place and the same as when it was made with their deceased spouse.

Typically, Mutual Wills will clearly state on them that they are in fact Mutual Wills, to save any disagreement or confusion in the future.

If you would like to have a free chat about your existing Will or making a new Will, please contact us on info@TotalLegacyCare.co.uk or 01727 865 121

Leah Waller

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Month: March 2022