Successful Business Requirement = Terms and Conditions/Contract

a) Create Certainty:
Two Parties entering into a document containing Terms and conditions gives certainty of what product or service will be dealt with, how the payment will be taken care off, how to raise the invoices, other modalities of executing the business, raising of dispute if any and so on. It is important to understand that if there is terms and conditions being agreed upon for any commercial or non-commercial dealings, it completely set-out the intention and in fact satisfy the contractual mindset which is popularly called as consensus-ad-idem and then there is no uncertainty about what the Parties’ rights and obligations are and this only saves a lot of time and cost if there is any conflict arises and having dispute resolution terms agreed upon only resolves the areas of disagreement between Parties if at all it comes up in a very friendly and amicable manner. In brief, having terms and conditions bring CERTAINTY of what to be done and to avoid, timeframes and so forth
b) Avoiding to the maximum of not being taken to Court:
Having clear terms and conditions being agreed upon between the Parties, it only gives a document which makes the Parties bound by such document and this helps majority times of any customers to make a wrong claim against another bound party and in case there is any dispute, Parties can take the assistance of their legal attorneys and take the clarity of their stand against the dispute being aroused and this to ensure that no wrong claims are succeeded.
c) Ensure Greater Protection against any claims and gives the reasons to concentrate on Business Growth:
It is widely accepted notion that a Businessperson has only two things to do, Marketing and Innovation and else be taken care by its made system and hence executing Terms and Conditions only ensure the protection of business and once there is a certainly in place and system in place to ensure having certainty, the Business Parties can focus on the doing the work and getting paid on time.
d) Bring Awareness of Rights:
Certainty document only gives the clear reading of various rights and duties as mentioned and agreed and this helps and enable the non-default party to make successful claims or purchase of goods in the event of any breach of agreed business terms
e) Smooth compliance of Law:
Having clear terms and conditions helps either party to comply with Legal Obligations in all aspects and this also takes care of any customer related claims or IPR infringement claims and so on
In brief, to know the importance of Terms and Conditions, MSME Samadhan (under MSME Act) only entertains the money claims where it has Purchase Order and Invoice raised, and if not, then MSME does not entertain the claims.
Regular changes in the Terms and Conditions are important to keep your business dealing in line with changes in law and if you feel it has been a while of you not getting the Legal Due Diligence of your business documents, you can get in touch, because this period is the best time to sort all your concern if any