| Business deals and transactions should be dealt | | | | make it become part of the contract. The |
| with a very keen absorption and comprehension | | | | contract should specify who pays whom, when |
| of every detail being brought up and discussed | | | | the payments must be done, and the conditions |
| with regards to the deal. Almost always, parties | | | | for making the payments. |
| involved in a business transaction, before | | | | As we all know, money matter is often a |
| proceeding into the signing of contract, takes | | | | contentious issue, so everything that concerns |
| several meetings and a lot of discussions over | | | | payment should be clearly stated up to its |
| important details that should not be missed out | | | | smallest detail. Payment terms should not be |
| and should be given utmost attention in the | | | | overlooked. The contract should also be specific |
| contract. Both parties should carefully take note | | | | with regards to the terms of payment, will it be |
| of each and every detail that is being brought-up | | | | on installment basis or will it be paid if the work |
| and discussed in the meeting and see to it that | | | | has been satisfactorily completed or a down |
| the terms and conditions being mentioned are | | | | payment will be required upon approval and the |
| agreeable and acceptable to parties concerned. | | | | balance upon completion of work, or will it be a 30 |
| Upon presentation of the contract, check and | | | | days or 60 days payment terms. In collecting |
| review should be made in all every details stated | | | | payments, never forget to list the dates and |
| therein. The body of the contract should specify | | | | time, and the requirements in making collections. |
| the rights and obligations of each party in detail. | | | | Last but not the least; do not forget to include |
| Don't miss anything out. If something had been | | | | the method of payment as well. While most |
| discussed verbally and agreed upon but is not | | | | company prefer to make payments in check, as |
| included in the contract, it will be impossible to | | | | it is safer to carry around and lessen the risk of |
| enforce it. In case there will a contract dispute | | | | temptation to collectors, it is usually crossed, |
| and it reaches the point that it has to be brought | | | | meaning it is strictly for deposit and is usually |
| to the court, judges may only interpret a | | | | issued to the company as the payee. There may |
| contract from what is specified and written in the | | | | still be companies that would prefer payments in |
| paper, and may not consider what the parties | | | | cash because they can make use of the cash for |
| said to each other. If you forgot to include | | | | other disbursements right away and will spare |
| something, you can always make a handwritten | | | | them from the hassle of going to the bank, |
| amendment on the contract and let the parties | | | | depositing it and waiting for its clearance. |
| affix their initials to the amendment made to | | | | |