The tip for today is: Don’t start performing the contract until signed
🚨 It can be very tempting to start the supply of goods and services before the contract has been fully agreed and signed. It may be that you know there are tough deadlines to meet, it may be that you have sales targets you need to hit, or you may just want to start the collaboration with a new supplier or customer as quickly as possible.
🚨 It is highly risky to do this. If the contract has not been signed then it may not be legally binding and you will not benefit from the terms you need to protect your business. For example, without a contract a supplier may not get paid for the work it has performed.
🚨You will also lose your bargaining power – it will be much harder to agree on favourable terms once the supply has begun.