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Does your business supply on credit?

When a customer applies for a credit account it is critical that they are made aware of your Terms of Trade. The Terms will set out how credit is given, how goods are supplied to the customer, how payment is made and when title and ownership in those goods transfers to the customer. The terms should make it clear that title in goods will only transfer to the customer once the item has been fully paid for, this is called retention of title.

For more business, contract and commercial advice, contact our commercial lawyers at Matthews Folbigg. Our offices are located in Parramatta.

Phillip Brophy – phillipb@matthewsfolbigg.com.au or 9635 7966

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Terms of Trade – Does my business need them?

Terms of Trade are the terms and conditions that govern how your business deals with its customers in the sale and supply of goods and services. It is important to put these terms in writing (i.e. to form an agreement or contract) to ensure your customers are made aware of both their rights and obligations.

The Terms of Trade will cover such things as how orders are placed and accepted, price, payment terms, delivery, cancellations and returns, risk and insurance of goods, warranties and ownership of any intellectual property in the goods.

Contact our commercial law team for more information.

Phillip Brophy – phillipb@matthewsfolbigg.com.au or 9635 7966