Clear And Detailed T&Cs Mean Getting Paid On Time!
No matter if you are a London flooring contractor or manufacturer, consultant or distributor, it is essential to have proper current terms and conditions that would ensure active cash-flow and punctual payment for the London flooring services you provide. A respected flooring company in London says that credit control departments are always a good idea as they ensure that the business would have well-outlined terms which will provide clarity, certainty and most importantly – they will decrease the risk of potential problems and misunderstanding with clients. However, being an owner of a small London flooring company or business means that you will have to be responsible for few different roles – when you can’t afford an experienced credit manager, you will have to spend a lot of time dealing with the problems when they occur.
- London flooring experts recommend protecting your business with up-to-date terms and conditions. Don’t be tempted to copy somebody else’s terms and conditions of trading – it is really worth it to invest in some professional advice from commercial lawyers. It`s not necessarily supposed to be an expensive procedure but you can actually save money in the long run by getting good advice. Flooring specialists in London say that terms and conditions should be suitable and flexible for one-off jobs and current arrangements. Needless to say, the most obvious conditions are those concerning payment terms.
- However, there are some other terms that should be applied. In order to ensure the trader can retain ownership of the material till they are paid for, London flooring contractors recommend stating a Retention of title clause. To limit any liabilities for significant loss and protection from existing defects, a Limitation of liability should be applied. London flooring professionals point out another important clause that should not be missed – cancellation of contract – a fee may be chargeable for specific materials that have been purchased on behalf of the client or for a last minute cancellation. Termination of contract should not be neglected – this is done in order to determine in what manner an early termination of the contract can be made of both sides. Last but not least, consequences of late payments – this may include extra charging and collection costs by third parties. London flooring contractors explain these are just five of the exemplary terms and conditions that are highly-recommended to be considered. In order to receive maximum protection you should check your last reviewed terms and conditions and if you are in doubt for some of them better rely on professional advice and help.
- London flooring specialists explain that quotes should be clear and detailed – when you provide a potential client with estimate or quote be timely and explicit. Flooring professionals in London state that the trader should be specific in terms of both what is included and what is not. He also should ensure that he carries extra pad for additional requirements that would be used to provide a quotation and obtain the householder’s signature in agreement. This quote should contain the payment terms.
- Another essential matter that an experienced London flooring company mentions is raising and sending the invoices to your customers as soon as you can. Clients have their budget at a certain time so the money might be no longer available and delays would occur at some point. Flooring specialists in London advise that late payers should be politely told their payment is due and if there’s no result after the kind reminder, debt collection agent’s services shall be engaged. Chasing for payments in timely manner is a true psychology game – flooring experts in London explain that when a certain service is requested it comes with its primary level of need and importance to your client but as the time goes this may be neglected and therefore the customer may become reluctant to pay for the requested job.
An experienced London flooring company advises that you should not waste your time going after a determined late payers – usually a letter from a solicitor can obtain the payments without any further actions.
Inspired by www.contractflooringjournal.co.uk