It is easy to put off putting aside a budget for legal agreements, when you lack time and have many different things to budget for.
“I will do it tomorrow” can stretch into months or even years.
The risks of failure to put legal agreements in place are multiple:
- Being sued
- Not being paid at all
- Not being paid on time
- Your ideas being stolen
- Your reputation damaged or ruined
- Compliance in all areas, e.g. Data Protection, Bribery, Money Laundering, FCA, and FOS.
The risks are high and can be easily prevented by putting in simple legal agreements. The credit crunch and Brexit has increased the awareness of risks and the importance of protecting yourself. It is common for small businesses not to think about doing legal agreements until they have had their fingers burnt. You wouldn’t think twice about having Professional Indemnity Insurance to protect your interests. Legal contracts are the same.
Failure to protect yourself can result in: bad debts, time consuming internal disputes, fines, sanctions, the winding up of your company, your business going into administration.
Act now and get a no-obligation quote. Find out more about our approach and then get in touch.