#1 Podcast – TLD Talks … contracts with Chris Parr

Podcast Summary: CEO, Ed Simpson, talks to Client Legal Director Chris Parr on the importance of getting contracts right; what to watch out for when negotiating Terms and Conditions and how to avoid placing your company at risk.

In this episode…

Episode introduction: In this episode of TLD Talks, Ed Simpson, CEO of The Legal Director, talks with Client Legal Director Chris Parr about contracts.

Today’s guest:

Chris Parr is an international commercial and corporate lawyer with specialist training in negotiation and mediation. He has worked in multinationals, law firms and in self-employment.

Main topics:

1. Why contracts are important, particularly in a business context. (01’04)

1. The key components needed for a contract to be valid and binding, including the intention to create legal relations, offer and acceptance, and consideration. (02’32)

1. The importance of certainty in the contract. (04’14)

1. The importance of being specific in the contract. (05’11)

1. The sort of questions you should ask clients to look at to make sure things are defined correctly in the contract. (05’49)

1. Do contracts have to be documented or written down, signed off by someone, or include lots of small print? Could you find yourself in a binding contract without realising it? (06’35)

1. Advice for SMEs on how to avoid falling into a contract without realising it, for example training staff, using scripts if taking phone calls from customers, using forms online. (09’48)

1. Why it’s important to not automatically agree when a counter-party wants your goods or services but only on their standard terms. (10’53)

1. What could be hidden in the small print? For example, the ownership of intellectual property. (12’46)

1. Force majeure clauses. (13’56)

1. The use of indemnities within contracts. (15’00)

1. Automatic renewals within contracts. Is it better for the organisation to have automatic renewal or automatic end? (16’14)

1. What practical advice can Chris give SMEs who really want a sale but are faced with signing a contract on the other party’s terms? Negotiating and not being afraid to ask why. (17’20)

1. Ed explains how TLD is helping clients with this sort of advice, working out what’s acceptable and what isn’t, and helping to find creative solutions. (19’40)

1. Why it’s important for business to take ownership of the contract, and to spend time reading and understanding the contract and the terms and conditions. (20’18)

1. The contract as a business tool. (21’00)

1. Chris’s top tips for SMEs entering into contracts, including embracing contracts as a tool, and keeping the language in the contract as simple as possible. (21’28)

Listen via:

Apple Podcasts | Spotify | Google | Amazon Music

Additional resources:

Ed Simpson profile 

Chris Parr profile

Read TLD’s factsheet on contract negotiation

Download TLD’s How-To Guide on Governance, Risk and Compliance

“The best contracts in the world are the ones that never get looked at again because it means everything goes to plan and smoothly.” Christopher Parr, The Legal Director