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Keeping Your Business Out Of  Trouble And On Track

Issues 21

The first question that any business owner need to ask is whether he is legal savvy. With making sure that the business grow at certain rate and direction, it is undoubtedly impossible to divert the frame of mind into the nitty gritty of legal matters. However, it is one of matters that a business minded alike not to take lightly. Any noncompliance of law or regulations, for example, no matter how trivial could lead to a mountainous hiccups in the business operations. Inability to understand legal implications ofdocuments signed or misinterpretation of legal lines no matter how simple it may look is another problem that may lead to unwanted legal battle and lead to millions of loss in business dealings.

Such unwanted obstacle in your business should not happen in the first place. Investing on good reliable and good relations with your trusted legal expert is such a necessary tool to guide and safeguard your business from its inception and throughout your business empire. However, many business owner especially small and medium enterprises are weary of costly legal panel. It should not be that way. You should be open to your legal provider and consult on what packages available to suit your budget.

Let us look into some matters to consider before signing a contract. First, you have to be sure the capacity of parties to enter into contract. For this you have to conduct searches to make sure the other person is not bankrupt or in the case of a corporation it is not in liquidation. Second, you have to make sure that all terms are included and nothing missing. It may look simple but it could be time consuming which time is best invested on focusing on your business. If you are unfamiliar with what makes a good contract document then it may be possible to miss certain important terms to be included.

You may be familiar with certain requirements but there could also be other matters that you are unfamiliar or unaware of. Negotiate on terms of agreements. While your legal advisor takes care in ironing the terms of agreement on your behalf, you can focus on your business. Let him or her handle the terms according to your intentions. Focus on your business strategy and operations and leave your legal matters that could be best handled by your legal provider. Can you rely on verbal guarantees? Perhaps something that your legal advisor would like you to be aware of its legal implications. 

Finally, in the event that it is inevitable to initiate a legal action or even to defend a case against you, your legal expert will be handy to help you through the process.

In KIQ, we have outlined various packages for legal advisory especially to suit small and medium enterprises. 

The packages include: 

1. A half day consultation to understand your business and risks involved 

2. 24/7 Legal Advice 0

3. Draft and Finalise Agreements 

4. Perusing Documents 

5. Accept service 

6. Legal updates

SME Agreements & Legal Advise Package (2017)