From the course: How to Read a Business Contract
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What could negatively affect your financial gain
From the course: How to Read a Business Contract
What could negatively affect your financial gain
- The second core area that could be a deal breaker for you are things that negatively impact your money. So unlimited liability in a contract is a red flag. There are certain situations where unlimited liability is accepted, such as for breach of confidentiality and is usually a mutual provision. Outside of that, if you messed up royally in a contract, think commercially. Do you want to be exposed to an unlimited claim against you? If you can't limit your liability, having such a clause will certainly negatively impact your money. It might be desirable for you to receive payment of an invoice within 30 days, but it is acceptable for you to receive payment of an invoice within 20 days if it is a payment made in advance. However, it would be essential for your cashflow to receive payment of an invoice within 14 days. Anything outside of that is unreasonable. If the payment terms cripple you and stop your cashflow, it's a…
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