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McGunagle, Reidy & Hentz, Ltd.
2088 Broad Street, Cranston, RI 02905-3342
PH: 401.941.2088 - FAX: 401.941.0017
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Commercial Transactions Gone Bad
No one would dispute the contention that not all business relationships are created equally. And, weak business relationships often cause the commercial transactions between the parties to falter. Though sometimes the failed transaction is so minute that it barely gets a second thought, a failed transaction can also have a very serious effect, possibly even putting one of the parties on the verge of closing its doors. Given that, anyone engaged in a business would be wise to learn the most common reasons behind weak business relationships, and what steps can be taken to avoid them. Of course, since the subject is a broad one, by no means can this be considered a complete rendition on it.
Step outside your business and take a few minutes to reflect on disputes that you have had recently with friends, family and others. Undoubtedly, some of them have arisen because of a lack of clarity. You understood that you were to do a specific thing, and the person you were arguing with agrees that surely you were to do something, but insists that it is totally different from what you claim.
Unfortunately, businesses often suffer from the same problem and things can go terribly awry when the details of a commercial transaction are unclear. The best way to ensure that this problem does not afflict your business is to put the details of every commercial transaction in writing. If the transaction only requires a 1 page order, prepare it. If, instead the transaction requires a 5 page contract, prepare it. And, if any changes are made after the original document has been given to the other party, make sure that the changes are noted in writing and that the other party receives a copy of such.
To really come to know how quickly your business can manufacture products, grow vegetables, write advertising copy, or anything else, it is essential that the business have some experience doing such. This applies to all businesses, regardless of their size. Before making a commitment on a project, it is essential that you have a good idea of the time-frame involved. And, for almost all commercial transactions, experts advise that there be a bit of padding to the time you believe is. After all, have you ever heard a business manager complain that the work was completed earlier than scheduled?
McGunagle, Reidy & Hentz, Ltd.
2088 Broad Street
Cranston, RI 02905
401-941-2088 | Fax 401-941-0017