Thoughtful Thursdays – Sales contract terminated?
Written contracts and agreements are the foundation for any business. Sales contracts and agreements include the terms and conditions for the purchase and supply of goods and services between the signing parties.
Today’sales thought is about the terminated sales contract.
On occasion circumstances arise that make it necessay to terminate a sales contract. In most cases there are provisions and processes in place within the agreement that cover termination. In other words, a way to get out of the contract in a fair and equitable way for the parties involved.
The value of a solid written agreement is realized to its full extent when issues arise. It is worthwhile to have a lawyer review your contracts to make sure that they are sound and enforceable. While there are no gurantees, peace of mind also has value.
There are other considerations that may also come into play when a sales agreement is terminated such as damage to a long term relationship and financial issues related to loss of sales. Is it worth taking legal action for a contract that might have been terminated outside of the terms that were agreed to? It is often not worth the time and effort to pursue legal action, especially for small and micro businesses.
There is always a chance for an agreement to sour. To minimize surprises, review your contracts on a regularly and maintain in depth business relationships. When you are talking with your customers, expand the topic of conversation to include relevant industry trends. Continue to research by monitoring social media and keeping your ear to the ground for news about your customer. Be vigilant, as there are often signals that can alert you to impending issues.
Good selling,
Richard
Have a question about sales? Contact Sakanashi and Associates Inc. and I will respond.
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