The one area often overlooked when buying or selling a business
In this video, I discuss the importance of understanding and utilising the Personal Property Securities Register (PPSR). I explain what it is and how to avoid issues of unknown charges against you.
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VIDEO TRANSCRIPT
Ross Millen:
Hi. At Millens, we know that our clients don't like surprises. So recently, it was a shame, but a couple of our clients had a surprise that they weren't expecting. And what was the surprise? Well, the surprise was that the terms and conditions they were using in their business didn't say what they thought they said. For instance, we had someone; it was like a building situation, and our clients said, "Well, these people haven't paid us. We're going to suspend the works." And we said, "Well, you better send us your terms and conditions, and we better have a look what the contract says." And we looked at the terms and conditions, and we rang the client. We said, "Well, that's great, but your terms and conditions do not give you the right to suspend the work in these circumstances." The client said, "Oh, of course it does."
And we said, "Okay, no problem. Which clause wasn't there?" So for years, they'd used those terms and conditions, thinking that's what they said, didn't say it at all. We had another situation where someone had goods, and they said, "Oh, we're going to sell them now." And we looked at the terms and conditions and said, "Unfortunately, that's not there." So again, here was a situation where someone for many years had been using these terms and conditions, thinking all the time that they said what they thought they said, but they didn't say it at all.
So again, emphasize, if you're in business, you need your terms and conditions to be reviewed on a regular basis, and make sure they say what you want them to say. Also, there's been a lot of government legislation recently about what are called unfair terms and conditions. These are things like your automatic right to increase rates or certain other things like that, or restricting the right of the customer to terminate the contract. So make sure your terms and conditions say what they should say, and also that they're up-to-date and that there's no legal problems. So we're very good at reviewing terms and conditions. Give us a call, Millens. I'm Ross Millen, and the team. We are here to help you doing business better.
