Terms of Trade are the terms and conditions on which a business sells goods and services to customers and on which they buy goods and services from suppliers.
These terms form the basis for the trading relationships for all businesses.
If a business is the supplier of goods or services then it should have written terms of trade which:
A lot of businesses don’t take the opportunity to set the terms on which they do business which can mean they are left at a commercial disadvantage, or worse, a legal disadvantage if the transaction does not go according to plan.
It is important that the terms of trade are set and understood before any commercial dealings have taken place.