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How to write more powerful brochures, leaflets and catalogs
Probably the most interesting thing about brochures and leaflets is that they’re seldom read in what we’ve come to know as the right order – as you would read a book. Rather in the same way that many people read magazines in dentists’ waiting...
Residual Income -- Making Money while You Sleep
What exactly is Residual Income?
"Residual income is the reason that MLM business opportunities can be so lucrative. It's the reason why as many as 10% of new millionaires made their money in MLM... and who knows how many settled for just ...
Speak With E's Part 3
“Educate, Energize, Entertain, and provide an experience for your audience” 1. Use direct eye contact. You can focus on one person when making a point… and everyone else in the audience will think you are speaking to them, too. 2. Don’t...
The Small Business Success Summit (October 10, 2003 to October 12, 2003)
Copyright 2005 Black Butterfly Press
By Maxine Thompson (http://www.maxinethompson.com)
While at the Pacific Ocean the other day, penning this article, I watched a homeless man dig inside a garbage can and ferret out a thrown away bag of fast...
This is the Power of PR
The power of public relations is its ability to alter individual perception, resulting in changed behaviors that lead directly to your organization’s success.
Its power really lies in doing something positive about the behaviors of a...
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Why Even A Simple Contract Can Save Your Bacon
Every business owner says it; "Do I really need a written
contract?" The answer is "YES, YES and YES!" Using a written
contract is like buying insurance for your business deals,
but much better.
What Is A Contract?
Simply put, a contract is an enforceable agreement between
two or more parties. The contract contains the promises made
by the parties to one another, which is legally known as
"consideration." These promises define the relationship
being undertaken as well as what happens if the business
relationship doesn't work out. If one party fails to act
according to their promises, then they have "breached" the
contract and can be found liable for damages. The damages
typically equate to what the non-breaching party would have
received if there had been no breach.
Oral Contract v. Written Contract
You go to a party with a friend and meet someone interested
in your product or service. Eventually, you agree to provide
him with 1,000 units of your product in exchange for a
discounted price. You have created what is known as an "oral
contract." He has promised to order products and you have
promised to provide them at a discounted price. Is the
agreement worth anything? Unfortunately, the answer is
probably no. Why? In most states, oral contracts are not
enforceable if they carry an inherent value in excess of
$500. Since it is so difficult to establish the terms of an
oral contract in a dispute the legal system tries to
discourage them. In fact, this legal restriction is
generally known as the "Statute of Frauds."
Turning back to our example, what if you thought you were
going to give a 10 percent discount and he
thought it was 20
percent? What if you can't resolve it and he insists you
provide the discounted products? You will end up in court
with the dispute coming down to which party the judge or
jury believes. Are you really willing to take that gamble?
With even a simple written contract, you can create a clause
containing language that states you will give a 10 percent
discount. If the dispute ends up in court, he is asked if
his signature is on the bottom, the clause is read and you
win. The contract should also contain a clause requiring the
"prevailing party" to be reimbursed for their attorneys fees
and costs. In short, he has to pay your legal bills as well.
An additional benefit to using a written contract is the due
diligence element. I realize you will be shocked to learn
that there are unethical businesses. In negotiating a
contract, very specific requirements are put in writing.
What if the other party starts squirming? It may be a sign
they are unable to meet their obligations. Might that give
you pause before you commit to tying up your inventory? You
can save yourself a lot of headaches by discovering this
information in advance.
In summary, even a simple written contract should be a
mandatory bullet in your arsenal. Much like car insurance,
you will be glad you have one if a business transaction
falls apart.
About the Author
Richard A. Chapo is with SanDiegoBusinessLawFirm.com - This article is for information purposes only. Nothing in this article is intended to address the reader’s specific situation nor does it create an attorney-client relationship.
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