Successful business owners understand that the businesses they run today rarely resemble the business they started.
It is quite reasonable to expect that after years of hard work and significant investments of time, labor and capital that you your business would look, operate and be run completely different.
Similarly, the agreements business owners execute at the time their company was originally formed will likely have become outdated, and not have kept pace with the company’s growing needs. All the more important to ensure you regularly review and update key agreements, specifically your revenue and business agreements, on a regular basis.
When we refer to ‘revenue agreements’, we mean any type of agreement that nets cash in the bank for your business.
These agreements, (i.e. terms and conditions, e-commerce terms, sales agreements, profit-sharing agreemens, licensing and royalty agreements, agency agreements etc.) are the lifeblood of any business and as neither businesses nor laws are static, an agreement drafted for a business today may not be the agreement it needs tomorrow.
Reviewing your revenue agreements gives you the ability to:
– Assess the continued feasibility;
– Assess any changing business arrangement with the customer or business partner;
– Research and consider changes in the legislative and regulatory environment, which may either have had an upside consequence you should be implementing, alternatively, a regulatory risk you should be managing.
Regular review of business agreements are key in terms of strategic planning.
Due to the passage of time, and change being the only constant, business agreements must be reviewed and appropriately revised on an ongoing basis.
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