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Business compliance: Contractual

Terms of contracts

Your business will enter into many contracts and agreements for exchange of goods, services or money. A contract is a legally binding agreement which is legally enforceable.

You need to ensure that you carefully read all terms and conditions of an agreement before it is agreed. Once signed, you will need to abide by all its terms and conditions.

Intellectual property

Copyright, patents, designs and trademarks are all types of intellectual property protection. You get some types of protection automatically, others you must apply for.

Funding agreements

If you enter into funding agreements, you will need to ensure that you are happy with the terms and conditions before you sign up to it.

Funding agreements may have specific reference to the use of funding and the way in which the funds are to be accounted for e.g. held and accounted for in a ‘restricted account’ (contains money that can only be used for specific purposes).

Once signed, you will need to abide by the condition and provide monitoring reports to funders.