Standard Contracts: No Laughing Matter
How often do you sign a contract without reading it? You do that for hundreds of reasons.
Six Common Excuses:
Been doing business with them for years. They've always done what they say they'll do.
They said the contract is non-negotiable.
Lawyer cost too much.
Contract is 2 pages long, how bad can it be?
"It looks standard to me."
If you've money to burn, sign a contract without reading it thoroughly and negotiating it aggressively.
If you don't ask for help, be prepared for a bumpy ride. Why? A written agreement remains long after the honeymoon glow wears off. Equipment breaks. Service falters or is inconsistent. The equipment doesn't do what they promised it would do. Supplier and financial companies' plus their contracts are frequently sold to competitors. You have new relationships to build. When times get rocky, neither old nor new relationships may carry much weight.
Contracts are written by attorneys to protect their client, not you. Written agreements are one-sided and the balance on this teeter-totter is never equal. What can you do?
Play Worst Case
Penalties usually include paying all remaining payments for the full term plus an amount to make up for lost profits the supplier experienced during the legal battle. And you still need to locate and pay for replacement service providers or equipment.
Weigh the Options
Mary A. Redmond provides highly specialized information for corporations, managers and dealers who negotiate and manage leases. With 28 years in the leasing industry, including 21 working for the largest leasing companies in the U.S., Mary knows leasing. You may reach Mary at 913-422-7775 or firstname.lastname@example.org
2013 Chapter Member of the Year National Speakers Association - Kansas City
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