When we’re asked why we’re in business we all have a common answer and that is to earn an income. As much as we love and are passionate about what we do, the very goal of every business, even with tradies, is having income. But most business owners, especially those who do not receive upfront payments for services, are faced with the problem of not getting paid on time or not getting paid at all for jobs that have already been accomplished. This was a problem prior to the pandemic and has become a pressing issue now because of the current climate we are experiencing.
In this podcast episode, we will talk with Helen Kay, The Contracts Lawyer. She is going to enlighten us by providing helpful tips to address this dilemma. We will cover topics such as different payment structures, the importance of contracts and invoices, payment terms, different clauses to put in your terms and conditions, setting up of systems and processes to ensure that you get paid, and a lot more.
There’s a wealth of information that you wouldn’t want to miss so tune in to this episode!
Resources:
- Come and visit my website at (https://www.thesiteshed.com/)
- Check my latest podcast or listen to the previous ones (https://www.thesiteshed.com/podcasts/)
- Tradie Web Guys (https://www.tradiewebguys.com.au/apply)
- The Contracts Lawyer (www.thecontractslawyer.com.au)
- Australian Consumer Law (https://consumerlaw.gov.au/australian-consumer-law)
- Debt Collection Information (https://www.accc.gov.au/business/treating-customers-fairly/debt-collection)
- Check our previous podcast with Helen Kay as one of our guests (https://www.thesiteshed.com/blog/coronavirus-1/)
What’s Discussed In This Episode:
- How Helen Kay had to reinvent the advise she gives due to this pandemic [9:08]
- Contracts and invoices [13:45]
- Setting up the terms and conditions [17:09]
- Why terms and conditions should be updated [18:58]
- How to communicate the updated terms and conditions to your clients [20:05]
- Terms and conditions for current contracts [20:48]
- Different payment structures [23:07]
- Charging stage payments [29:16]
- Adding the suspension clause in the terms and conditions [29:47]
- Getting personal guarantees from directors [31:40]
- Standard terms and conditions [34:14]
- The force majeure clause [37:46]
- The discipline of having a system set up for invoices [39:03]
- Letter of demand and statutory demand [40:45]
- Responding to demands [41:27]
- Changes to issuing statutory demands and time frames to debt payments [42:07]
- The no waiver clause [43:53]
About Our Guest
Helen Kay is a business lawyer, in fact she is The Contracts Lawyer. She is a highly accomplished commercial and property lawyer with extensive legal experience working within top tier firms in Australia as well as running her own legal practice and heading up various commercial practices over the years.
Helen has assisted many businesses across different industry sectors with their commercial legal agreements, including commercial leases, buying and selling businesses and providing general contractual advice.
Connect with me on LinkedIn. For more podcast episodes, you may also visit my website. Tune in and subscribe to The Site Shed: You can also listen to The Site Shed on Apple Podcasts, Spotify, and Stitcher.
Thank you for tuning in!
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