{"id":1787,"date":"2022-01-16T23:08:44","date_gmt":"2022-01-16T23:08:44","guid":{"rendered":"https:\/\/uk.legalvision.com.au\/?p=1787"},"modified":"2024-05-28T04:27:03","modified_gmt":"2024-05-28T03:27:03","slug":"business-contract-terms","status":"publish","type":"post","link":"https:\/\/legalvision.co.uk\/commercial-contracts\/business-contract-terms\/","title":{"rendered":"Key Terms of a Business Contract in the UK"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Companies across the UK need to enter into well-drafted and <a href=\"https:\/\/legalvision.co.uk\/commercial-contracts\/small-business-invest-contract\/\">thorough business contracts<\/a>. Entering into a contract that lacks specific terms and conditions or does not correctly spell out your obligations as a business can lead to disputes. You may also encounter legal action as a result. Whether you are a small business or a large enterprise, all organisations need to know the key terms to include in a standard business contract. This article will walk you through the main terms you should include in your business contracts.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400\">What is a Business Contract?<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Business contracts are legal arrangements made between two entities that generally dictate the sale and purchase of goods or services. If you engage in contractual relationships with another party, it is advisable to have a <a href=\"https:\/\/legalvision.co.uk\/commercial-contracts\/practical-considerations-drafting-contract\/\">well-drafted written contract<\/a> in place to ensure you can enforce payment for the fulfilment of that contract, while also protecting your businesses\u2019 assets if any disputes arise from the failure to perform that contract.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Business Contract Terms<\/span><\/h2>\n<p><span style=\"font-weight: 400\">It is important to note that when drafting a business contract, you will need to be as detailed and as thorough as possible. This will ensure you and other parties to the contract are clear on the obligations created by that legally binding agreement. If confusion arises around the performance of those duties, you may face legal action from another party to that contract.<\/span><\/p>\n<p><span style=\"font-weight: 400\">There are several key terms each business contract should have in place to protect your business interests. These include:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">definitions on the contracting parties involved in the contract;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">descriptions on the services and duties you have agreed to provide;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">the term or duration of the contract;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">payment terms;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\"><a href=\"https:\/\/legalvision.co.uk\/commercial-contracts\/how-do-i-terminate-contract-for-breach\/\">termination provisions<\/a>;\u00a0<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">limitations on liability; and<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">dispute resolution mechanisms.<\/span><\/li>\n<\/ul>\n<h3><span style=\"font-weight: 400\">Definitions of All Parties to the Contract<\/span><\/h3>\n<p><span style=\"font-weight: 400\">Defining each party involved in an agreement is <a href=\"https:\/\/legalvision.co.uk\/commercial-contracts\/questions-to-ask-before-signing-a-commercial-contract\/\">a necessary part of any commercial contract<\/a>. It can ensure that parties clearly understand their role in the agreement, and that gives greater clarity on the obligations the contract bestowed on each party to the agreement. For example, a servicing agreement might define a cleaning company as a service provider, clarifying who must perform the servicing functions under the agreement.<\/span><\/p>\n<h3><span style=\"font-weight: 400\">Services You Will Provide\u00a0\u00a0<\/span><\/h3>\n<p><span style=\"font-weight: 400\">The next and perhaps most important part of any contract is to describe the contract\u2019s primary purpose. For example, party A will provide party B with a specific item on a certain date in return for payment of X. It is important to be extra detailed in this section to ensure both parties are clear on what obligations are being given to them under the contract. <\/span><\/p>\n<div class=\"box box--icon box--info\">\n<p><span style=\"font-weight: 400\">The more detailed you are in this section, the less likely disputes will arise over the performance of each person\u2019s obligations in that contract.\u00a0<\/span><\/p>\n<\/div>\n<p><span style=\"font-weight: 400\">For example, in the building industry, contractors are often instructed to initiate works on a development project. Their contract will include a schedule of works that will clearly instruct them on what services they must perform.\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400\">Payment Terms<\/span><\/h3>\n<p><span style=\"font-weight: 400\">For a contract to become a legally binding agreement, you must transfer consideration from one party to another. Consideration is a legal term for payment of value. If you do not exchange a form of payment, the contract will not be legally enforceable. For that reason, it is vitally important that business owners insert payment terms into their business contracts. <\/span><\/p>\n<p><span style=\"font-weight: 400\">Payment terms should clearly state:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">how much money to pay;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\"><a href=\"https:\/\/legalvision.co.uk\/corporations\/director-england-wales-can-pay-myself-companys-profits\/\">who is paying who<\/a>;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">how to make that payment, i.e. bank transfer, cash, <a href=\"https:\/\/legalvision.co.uk\/ecommerce-online-business\/direct-debit-collection-rules\/\">direct debit<\/a>; and\u00a0<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">the bank details of the party who is due to receive the payment.\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">Payment terms can also describe situations where you make payments in instalments or on a retention basis. For example, mobile phone companies are often paid in instalments to provide mobile phone services. If you are writing a contract that will require you to make payments in instalments, you may want to include provisions on how much interest to add on each instalment.\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400\">Length of the Contract<\/span><\/h3>\n<p><span style=\"font-weight: 400\">It is important to state the contract\u2019s start date and end date in the agreement\u2019s terms and conditions. You may also wish to include extension clauses to the contract, for example, if both parties wish to continue the relationship further.\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400\">Limitations on Your Liability<\/span><\/h3>\n<p><span style=\"font-weight: 400\">Contractors may also want to limit how much they will be liable for if a dispute arises under a contract. Liability is an obligation placed on one party to compensate another for a breach or non-performance of services. As there is a great risk of liability arising in contractual disputes, you will want to insert clauses into your business agreements that cap the amount a court will fine you if you have to pay damages for a breach of contract.\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400\">Termination Provisions<\/span><\/h3>\n<p><span style=\"font-weight: 400\">It is important to be able to create legally enforceable contracts. Furthermore, it is important to absolve yourself from them if you no longer wish to be a part of that arrangement. Early termination provisions are another important part of any contract that give parties to that agreement the right to end that legal relationship, provided they perform a set of functions, like paying a termination fee or giving parties notice of termination.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Termination provisions can also include grounds for when you can terminate contract for a breach of the contract\u2019s terms. Generally, termination provisions will state that if either party breaches the contract terms, then the other party can terminate the contract and seek damages. For example, those conditions can include provisions on late payment, failure to perform all your obligations under a contract, or late completion of the contract.<\/span><\/p>\n\n<a href=\"#content-next\"\n   class=\"block p-4 mt-10 text-xl font-bold text-center text-white no-underline bg-gray-800 rounded-t-xl\">\n    Continue reading this article below the form\n    <i class=\"text-xl fa-regular fa-arrow-down\"><\/i>\n<\/a>\n<div class=\"px-6 pt-10 pb-12 mb-10 text-center bg-gray-100 rounded-b-xl sm:px-12 test\">\n    <div class=\"mb-8 text-2xl font-bold text-orange\">\n        Need legal advice?\n        <br>\n        <span class=\"text-lg not-prose\">\n                            Call <a href=\"tel:+448081968584\" class=\"not-prose\">0808 196 8584<\/a> for urgent assistance.\n                <br>\n                Otherwise, complete this form, and we will contact you within one business day.\n                    <\/span>\n    <\/div>\n\n    \n\n<div class=\"not-prose flex 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If you need help understanding what terms you should insert into your agreements, our <a href=\"https:\/\/uk.legalvision.com.au\/contract-lawyers-lp\/\">experienced contract lawyers<\/a> can assist\u00a0as part of our LegalVision membership. For a low monthly fee, you will have unlimited access to lawyers to answer your questions and draft and review your documents. Call us today on <a href=\"tel:+448081968584\" class=\"AVANSERnumber dynamic-number\">0808 196 8584<\/a> or visit our <a href=\"https:\/\/legalvision.co.uk\/membership\/\">membership page<\/a>.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Frequently Asked Questions<\/span><\/h2>\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1642374162718\"><strong class=\"schema-faq-question\">What are standard business contract terms?<\/strong> <p class=\"schema-faq-answer\">Standard business contract terms will usually include a definition of the goods or services that parties will provide. They will also include a term for the duration that contract will last for. Additionally, they will include a term for what payment the parties will exchange for those services.\u00a0<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1642374175075\"><strong class=\"schema-faq-question\">What is a business contract?\u00a0<\/strong> <p class=\"schema-faq-answer\">A business contract is an agreement typically made between one or more organisations and establishes an obligation to provide goods and services in exchange for payment.\u00a0<\/p> <\/div> <\/div>\n<div class=\"not-prose m-feedback-prompt\">\n    <!-- Thumbs up\/down bar -->\n    <div class=\"m-feedback-prompt__main\">\n        <div class=\"m-feedback-prompt__title\">Was this article helpful?<\/div>\n        <div>\n            <!--span class=\"m-feedback-prompt__button--text\">Thanks!<\/span-->\n            <button type=\"button\" class=\"m-feedback-prompt__button m-feedback-prompt__button--yes\"\n                    data-analytics-link=\"feedback-prompt:yes\" aria-label=\"Agree\">\n                <i class=\"fa-regular fa-thumbs-up fa-3x\"><\/i>\n            <\/button>\n            <button type=\"button\" class=\"m-feedback-prompt__button m-feedback-prompt__button--no\"\n                    data-analytics-link=\"feedback-prompt:no\" aria-label=\"Disagree\">\n                <i class=\"fa-regular fa-thumbs-down fa-3x\"><\/i>\n            <\/button>\n        <\/div>\n    <\/div>\n\n    <!-- Feedback form -->\n    <div class=\"m-feedback-prompt__form\">\n        <div class=\"m-feedback-prompt__form--thanks \">\n            <div>Thanks!<\/div>\n            <p>\n                We appreciate your feedback \u2013 your submission has been successfully received.            <\/p>\n        <\/div>\n        <form id=\"contact-form\" class=\"m-feedback-prompt__form--form\" action=\"\" method=\"post\">\n            <input type=\"hidden\" id=\"authenticity_token\" name=\"authenticity_token\" value=\"9eb4f72322\" \/><input type=\"hidden\" name=\"_wp_http_referer\" value=\"\/api\/wp\/v2\/posts\/1787\" \/>            <input value=\"https:\/\/legalvision.co.uk\/commercial-contracts\/business-contract-terms\/\" type=\"hidden\" name=\"currenturl\"\n                   id=\"currenturl\">\n            <input value=\"Key Terms of a Business Contract in the UK\" type=\"hidden\" name=\"currenttitle\"\n                   id=\"currenttitle\">\n            <label>\n                <!-- display on thumbs-up -->\n                <span class=\"m-feedback-prompt__feedback m-feedback-prompt__feedback--yes\">\n                    Can you tell us <span class=\"font-semibold\">why<\/span> you found it helpful?\n                <\/span>\n\n                <!-- display on thumbs-down -->\n                <span class=\"m-feedback-prompt__feedback m-feedback-prompt__feedback--no text-lg\">\n                    How can we better improve this article?\n                <\/span>\n                <textarea name=\"feedbackmessage\" id=\"feedbackmessage\" required><\/textarea>\n            <\/label>\n\n            <div class=\"m-feedback-prompt__form--error\" id=\"form-submit-error\"><\/div>\n            <button id=\"submit-contact-form-button\" type=\"submit\" name=\"commit\" class=\"m-feedback-prompt__form--submit\"\n                    data-analytics-link=\"feedback-prompt:submit\">\n                Submit            <\/button>\n        <\/form>\n    <\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Companies across the UK need to enter into well-drafted and thorough business contracts. Entering into a contract that lacks specific terms and conditions or does not correctly spell out your obligations as a business can lead to disputes. You may also encounter legal action as a result. Whether you are a small business or a<a href=\"https:\/\/legalvision.co.uk\/commercial-contracts\/business-contract-terms\/\">Continue reading <span class=\"sr-only\">&#8220;Key Terms of a Business Contract in the UK&#8221;<\/span><\/a><\/p>\n","protected":false},"author":13324,"featured_media":632,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"896,1779,2140,1326,1806,1575","_relevanssi_noindex_reason":"","editor_notices":[],"footnotes":""},"categories":[37],"tags":[20,174,359,378],"class_list":["post-1787","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commercial-contracts","tag-small-business","tag-commercial-contracts","tag-business-contract","tag-contract-terms"],"acf":[],"yoast_head":"<!-- This site is optimized 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