New Business Companion guide goes back to basics on contract law

 

Understanding contract law is crucial for businesses to operate smoothly and avoid potential legal issues. Whatever the size of the company, compliance with legal regulations, risk management, and safeguarding interests in commercial agreements are things that must be considered. With a strong grasp of contract law, businesses can protect themselves in commercial dealings and demonstrate they are a trustworthy partner to suppliers and clients.

 

In the UK, companies across various sectors can take advantage of a recently launched free information guide by Business Companion. Contract law basics: Guidance for businesses on the basics of contract law is part of a series of resources published by the Business Companion website on behalf of the Department for Business and Trade. Authored by experts in consumer protection law, the guide is specifically designed to help traders avoid the common pitfalls, mistakes and misunderstandings that can occur when entering into contracts with customers, suppliers and other businesses.

 

It includes definitions of frequently used terminology and the key elements of contract formation, as well as examining the different types of contracts that businesses frequently enter into, including those governing on-premises and distance sales.

 

Both business-to-consumer and business-to-business contracts are covered, as well as postal and online contracts. The guide also looks at what would be considered unfair contract terms and conditions, and examines important issues such as a customer’s capacity to enter into a contract.

 

As well as handy links to further in-depth reading and the relevant areas of legislation, the guide incorporates a useful checklist that can be used by businesses to help ensure that the terms and conditions they use align with best practice and consumer protection law.

 

The launch of the guide coincides with a series of webinars, hosted by the Chartered Trading Standards Institute (CTSI) and presented by the guide’s author, Jemma Cox. The final free two-hour session, which will include guidance on the do's and don'ts of writing contracts, will take place on 28 March at 1pm. Limited places are available, so to register via the guide as soon as possible to avoid disappointment.

 

The repercussions of making mistakes when designing your contracts could be significant, with the potential for disputes with customers, work not being paid for, legal penalties and time-consuming and expensive remediation costing your business dearly. By utilizing this resource, businesses can enhance their understanding of contract law, make informed decisions, and ultimately protect their interests in commercial dealings.

 

To make sure you’re getting things right from the get-go, visit businesscompanion.info today to download the free guide.

 

 

About Business Companion

Business Companion is a free online resource produced by the Chartered Trading Standards Institute (CTSI) on behalf of the Department for Trade.

 

The content on Business Companion is written and verified by expert contributors, but is not designed to be a replacement for professional advice and is intended only for guidance. Only the courts can give an authoritative interpretation of the law.

Business Companion covers Trading Standards law for England, Scotland and Wales. For guidance on the law in Northern Ireland, please see nibusinessinfo.co.uk.