James Sanders: Ugly Surprises Lurk In Your Vendor Agreements
The number one thing that most business owners today are going to ignore are their vendor agreements, observes James Sanders of MPL Law Firm LLP.
One topical area that most people ignore to their detriment are Force Majeure clauses in their agreements which specify the rights and obligations of the parties when an "act of God" happens. War, hurricanes, tornadoes, floods, and pandemics can all be covered or not. Whether you have to deliver and pay or have an out in a contract can be determined by how that part of your contract is drafted.
James points out that contracts are legal agreements and how they are drafted and the words that are used matter greatly, particularly when one of the parties decides things are unfair after it is signed. While many think they have insurance to cover unforeseen incidents, many times the insurance won't cover or has an exclusion. James advocates that business owners should consider a yearly attorney review of all of their business agreements as a cheap extension of your business insurance.
Show highlights
02:27 Why business interruption insurance won't cover damages from pandemics
04:25 Force Majeure - what is it and why you should care
06:19 How a business owner should think about vendor management
08:00 Benefits to a business from properly managing their vendor agreements
10:37 3 steps to implementing an effective vendor management system
11:35 Learn about James and MPL Law. Email James at JSanders@MPL-Law.com
Email Jay at jay.kingley@centricityb2b.com
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