The Main ConsiderationsOne area in particular which businesses should be ensuring is in good shape is agreements and terms and conditions with suppliers, trading partners, consultants etc. Your business should be clear on the following things: Who are your major suppliers, trading partners and consultants? The most efficient approach can be to have a spreadsheet that details the party’s name, what they are contracted for, ad key contact details. You can include other items on this spreadsheet which might be helpful for you, for instance when a contract is due for renewal, and the notice period for termination Do all of these relationships have contracts or terms and conditions in place? If not, send out your standard terms and conditions or get an agreement in place as soon as you can. This helps define each party’s rights and obligations, and lets you know where you stand In terms of the new data protection rules (GDPR), who are the data processor and the data controller? Both parties must be clear about their obligations. LawBrief Rachel McKinney has posted a detailed article covering the duties of a data processor in line with GDPR. Remember that the new GDPR rules are much stricter than previous legislation, and fines are the greater of 4% of annual turnover or EUR 20 million. It is imperative that your contracts comply with GDPR, and that you are fully aware of your obligations. We recently took a look at how the ICO are shaping up to enforce data protection breaches. What next? With Q4 and the lead-up to Christmas being a key time to maximise revenue for the year, it is advisable to take some time now, before everyone gets caught up in the end-of-year rush, to ensure you have all your legal ducks in a row. From next week, LawBiref Jennifer Cowan will be going into greater detail on the legal elements of firstly client and then supplier contracts. At LawBite, we can review your contracts, ensure they are compliant with any changes in law that you might not be aware of (including GDPR) and help you get things in order. For further business legal advice, you can contact the author of this article LawBrief, Barbara Jamieson. For expert business legal advice, please enter an enquiry or call us today on 020 7148 1066 to speak to a member of our friendly Client Care Team. Journey further… Back to School: 5 Tips for Your Q4 Planning FREE Legal Health Check How LawBite works
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