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Advice about my Terms of Trade Agreements?

Posted on February 3rd, 2009

The terms and conditions of trade which your clients sign should be reviewed from time to time to ensure the document is still up to date.

Changes to the Privacy Act which were introduced in February 2006, require a creditor to have obtained the written permission of a prospective client before being able to conduct a credit check.

An essential clause for inclusion in any terms and conditions is one declaring that all fees incurred in the recovery of outstanding monies will be recoverable from the debtor.

If you are a business which does not provide a credit application, you should at the very least have a sign clearly displayed stating that all fees incurred in the recovery of outstanding monies will be payable by the client. Your staff must point this sign out to new clients to permit enforcement at a later date.

If you have any queries regarding the recovery of collection costs, please contact:

Doug Abraham

douga@abrahamconsultants.co.nz

Filed under Terms of Trade |