Confirm terms urges best practice group
28 August 2012
The Better Payment Practice Group (BPPG) is warning businesses to confirm their credit terms in writing with customers before they start trading or risk losing control over payment.
A survey on the BPPG’s website found that almost a quarter of respondents fail to confirm credit terms in writing with their customers, leaving the door open for customers to impose their own payment terms.
The Group refers to a legal precendent that states in the absence of agreed terms, it is the terms given in the last document presented in the negotiation...