Goods & Services Agreements
If you are supplying goods or providing services, or on the other end receiving goods or services on a regular basis it’s important to have a document that sets out everyone's rights, obligations and expectations.
Why you need an agreement
Not only does an agreement need to cover the basics such as a full description of the goods or services to be supplied, the price, when payment is to be made, when an order is accepted, and the location for delivery.
But importantly when does risk (and so the need for insurance) transfer from one party to another - when the goods leave the factory, when it’s delivered, or when it’s finally inspected and accepted? These issues need to be carefully considered before supplying or accepting delivery of goods.
As a supplier you don't want title (and so ownership) of a product transferring until it’s paid for in full. If it’s not paid for, you want the right to enter into the premises and take your product back. But you can’t enter private property and take goods without permission. However a properly prepared agreement can give you the right to do that.
Other considerations
Are you the exclusive supplier, or can a competitor supply against you? What liability is there if the product is defective? Do you have enough product liability insurance? Do you require a list of KPI’s to guarantee performance?
We can assist to prepare, advise you and review any goods and services agreements needed for your business.
Contact Ricketts & Associates to find out how we can help you.