Wise-Sync presents Survive and Thrive, a webinar series specially dedicated to sharing key insights and industry-led advice to guide fellow businesses facing an economic downturn.
The first segment in our series, 'Strategies to minimize contract risk & stabilize agreement profitability,' was successfully led by Peter North, Director of Business at Lewis Holdway Lawyers, and Paul MacNeill, CEO & Founder, Wise-Sync.
In case you missed it, this webinar provides a foundational guide*** into the leading practical strategies businesses can implement to reduce contractual risk while revenue's impaired - simply recap with our five-part summary, including a live recording, below:
Key Takeaways
1. 'Force Majeure' and 'Contract Frustration'
What is 'Force Majeure'? Whether you've heard of the term or not, it's a crucial time to understand what having a Force Majeure contract means for your business. Peter North advises the importance of seeking legal advice for this contractual type, and the very questions you need to be asking when doing so.
2. Managing Payment Risk
There's a general concern among business owners within our MSP community, that if their contracts aren't paid, it could potentially cripple their business. Peter North discusses the initial steps your business should be taking, along with how losing clients can impact your organization -
Here, Paul MacNeill discusses the importance of establishing an essential "payment rhythm," and why it's vital for businesses to understand that "you're not your client's bank," and the older the debt - the harder it is to collect. MacNeill and North walk through the best way to open and conduct that all-important conversation with customers who're unable to make payments on time.
3. Third-Party Risk (Back-to-Back Contracts)
For any business owner facing a back-to-back contract, Peter North reveals some of the third-party risks that you may not be aware of. North explains what a back-to-back contract means for you as a business owner, together with the key actions you can take, in order to ensure you're not baring the entire liability of your contract - this includes the significance of having conversations with your suppliers.
4. Commercial Leases & Changes to Commercial Tenancies Law
As the Australian Federal Government announces measures to protect commercial tenants, this begs the question for business owners - am I safe from eviction if I don't pay my rent on time? Peter North discusses the primary changes to the Commercial Tenancies Law, and what they mean for you.
In this segment, North briefly explains the protections in-place for both landlords and tenants also, and what's potentially expected to arise from here. Learn the clauses you should look for in a rental contract, and the provisions that may be available when looking to re-negotiate a lease.
5. PPSR Risk (Personal Property Securities Register)
If you have several devices and third-party equipment on a client's site, Peter North explains what happens if you haven't registered your equipment with the PPSR - and what you can do about it.
In the event that a negotiation isn't possible, particularly where a property is owned via a self-managed super fund, North establishes the appropriate steps you need to take.
NEXT WEBINAR
Survive and Thrive: How to navigate your business through uncharted economic times
Wednesday, 22 April at 11am
We look forward to seeing you online then!
***DISCLAIMER of General Advice: The information provided to you during this webinar and throughout this blog post, is general in nature only and not specific to your circumstances. Lewis Holdway Lawyers and Wise-Sync disclaim all liability for any losses or damages arising in relation to the information provided. We recommend you obtain legal and financial advice for your specific situation.
