Business moves at a fast pace. Business managers usually find themselves in a position of “getting a deal done,” often without regard to the potential liability or risk a particular transaction may pose to their company. Such an approach results in many business transactions being accomplished with a handshake, short email exchange, “memorandum of understanding” or other similar pseudo-contractual feature. While there are occasions where a “Master Agreement” or other type of major contract is necessary and fully negotiated between companies, most transactions in the course of business are simply subject to terms and conditions. This article discusses 5 key terms that sellers of goods should ensure appear in their terms and conditions.
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