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Well-written contracts can help ensure timely payment

On Behalf of | Jul 24, 2019 | Contracts

It’s important for an Oregon business to get paid for the goods and services it provides to customers. It’s frustrating and potentially damaging for a company when a bill remains unpaid or a customer does not pay on time. Through well-written contracts with clear terms, a business can better enforce payment standards and maintain better relationships with customers. 

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Good contracts can prevent many problems with customers. When the method and terms of payment are included in a contract, it can reduce confusion and make it less likely there will be an issue with customers. In reality, a contract can protect the interests of both the clients and the company. One specific thing that is an important element of a good contract is being very specific about how the sale will take place, including when there will be a transfer of goods or performance of a service, and when payment is expected. 

In addition to being specific about the type of sale, it’s also smart to be very specific about the type of payments a company is willing to accept. This includes whether a client can buy on credit, write a check, use a card or even pay in cash. A contract will also need to include the expected amount of time that a customer will have to pay.

The more specific contracts are, the better they are for an Oregon business. When drafting a legal agreement, it may help to discuss options and objectives with an experienced business and commercial attorney. An evaluation of the situation can help a company ensure that they avoid legal issues with clients and customers.