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7 ways to get ready for a business contract

7 ways to get ready for a business contract

Understanding business contracts

Dealing with contracts is part of running a small business. You will have a number of business relationships involving some type of contractual commitment or obligation.

You may:

  • be a purchaser of goods and services – as a borrower of money, in rental agreements and franchise agreements
  • be a supplier of goods and services – retailer, wholesaler, independent contractor
  • have a partnering agreement with other businesses – partnerships, joint ventures, consortium.

Managing your contracts and business relationships is very important.

TIP: You should be aware that the majority of contracts entered into will have goods and services tax (GST) implications.


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