Are you protected?
Well-worded Terms of Trade ensure your client understands they are legally liable, not only for what is owed to you for the goods or services provided but also for interest, late-payment penalties, collection costs, solicitors fees, court costs and so on.
When you have provided Terms of Trade that clearly state your client’s liability, it is more likely that you will be able to recover costs when you seek CollectIT’s help with pursuing the debt.
In the case of a limited liability company, a signed personal guarantee as part of your Terms of Trade provide you with another avenue for recovery.
What if you decide not to bother?
If you do not provide Terms of Trade prior to working for your client, you are reducing the chances of successfully recovering money owing to you, if your client decides not to pay.
What do you do now?
The longer you wait to chase up the money that is owing to you, the less likely it is that you will be fully repaid. If anyone owes you money, contact our office now with your contact details, and we’ll call you back to work out how CollectIT can help remove your unwanted business liability - unpaid bills.