Business terms and conditions are a vital framework setting out how commercial transactions will take place and what is expected of each party.
They contain the detailed terms that will accompany a contract, providing the signatories with the rules that will govern their commercial relationship.
Understanding the language used in the commercial property world is important if you want to avoid costly mistakes and protect your interests. Below is a glossary of some of the most commonly used terms.
A Settlement agreement (formerly known as a compromise agreement) is a legally binding agreement between an employee and their employer by which the parties compromise an employee’s contractual and/or statutory claims. Settlement agreements are most commonly entered into on termination of employment, although they can be used where employment is continuing.
Many companies have taken advantage of the UK Government’s Furlough Scheme following the COVID-19 outbreak to help ease financial pressures, after being forced to close or seeing their operations severely reduced.
A guarantee is a contractual promise to pay the liabilities of another.
When a franchise agreement is entered into between a franchisor and a corporate franchisee, such as a limited company, it is usual for the franchisor to require at least one individual, such as a company director or key shareholder, to provide a personal guarantee that they will satisfy the obligations and liabilities of the franchisee, in the event that the franchisee fails to meet those obligations and liabilities under the franchise agreement.
If you are a landlord, you may be wondering what your obligations are in relation to gas safety checks during the Covid-19 outbreak. This article seeks to answer some of the questions that you might have as well as provide you with practical advice.