Connect with us

Business and Finance

Airtight Agreements: Never Draft a Contract without Taking These 9 Considerations into Account

Published

on

BUSINESS Contract

Irrespective of what your contract may be, whether it’s a multi-million dollar service or a just the drafting of an insurance contract, it’s essential to get everything right from the beginning. Contract drafting requires a keen eye and great amount of diligence, so everything can work out as expected. Managing expectations, getting the right information, and focusing on the most important aspects can help you obtain the right results in contract management. One thing that could come in handy is implementing a contract lifecycle management system for your business, this kind of software could make the whole process so much easier.

In most occasions, you may be tempted to glance over your contract and sign it without actually knowing what it involves and what the stakes are to you or the other party. It’s imperative to consult with experts during the drafting and signing sessions of a contract. In all these instances, you need to be sure that your interests are protected.

So, what should you look for when drafting a contract?

  1. What Does the Contract Involve?

When signing a contract for the first time, you may be thinking that it is a straightforward thing. Nonetheless, you need to remember that a contract involves more than just the items in it. For instance, when you are signing a contract for a new job, such as washing automobiles, you may think to yourself that your work will only involve washing cars. However, there could be more to that. A closer look at the contract may reveal that you have to wash a certain number of cars within a given period. Failure to comply with these terms could lead to non-payment or even termination. Therefore, before you can sign a contract, regardless of what it may involve, whether insurance, work-related, or business-related, you need to ascertain what the contract involves.

  1. Who is Involved?

When it comes to drafting and signing a contract, it is imperative to have an idea of who is involved. You need to do your research and find out who else is involved. For instance, when purchasing a new car, you need to know whether you are dealing directly with the seller or you are working with a broker. The same applies for insurance or any other aspect. By so doing, you’ll be in a position to prevent any future surprises in your contract.

  1. Rights and Responsibilities

It is essential to identify who is liable if anything goes wrong with the contract. Make sure you have everything on paper. You should be in a position to understand what your rights and responsibilities are under the contract as well. Go through the contract carefully because rights and responsibilities are often found scattered within the contract.

  1. Understand the Terms of Exit

At one point in the future, you may decide that you no longer want to continue with the contract because you find it unsuitable. To ensure there are no complications on the way, it’s essential that your contract allows for such a transition in a smooth way. Carefully look at the exit terms included in your contract, and in case you find them unsuitable, you can make alterations (with mutual consent) or opt out all the same.

  1. Find out if there are Hidden Clauses

When it comes to drafting contracts, you need to be careful with hidden clauses. In most cases, people tend to overlook the “fine print,” which often contains the most important aspects of the contract. Go through the fine print of your contract and understand what it entails. If you are having problems interpreting your contract, there are professionals such as Equify LLC who can help expose the hidden factors within your contract. In addition to that, these experts can help you keep up with the rules and regulation of the government so you can avoid paying so much of your hard-earned money.

  1. Talk to the Right Person

While this subject has been mentioned earlier, you need to ensure that you are dealing with the right people.  You need to ascertain whether they have the legal capability to deliver their offer. Subsequently, another party will be responsible for checking suitability. For instance people suffering from mental health issues or people under the age of 16 are not considered eligible. Such matters should be ascertained during contract drafting.

  1. Hire a lawyer

Legal jargon is not meant for everyone.  To sign a contract without understanding it would put a lot at stake. That‘s why it’s advisable to seek help from the legal experts. You must hire an experienced lawyer as per the nature of your contract. By so doing, you’ll be confident you are handling all matters of your contract according to the law and that nothing will come to bite you on the back later on.

  1. Give attention to details

Before signing any legal document, it is essential to read it carefully. Clarity and the number of words in the terms and conditions of a contract are what often mislead people. The use of these words is not meant to mislead you intentionally but that’s just how contracts are written. If you do not pay attention to details, there is a high chance you may misinterpret the contract when something is not clear.

  1. Counterchecking the contract

We probably have come across something that needs to be signed after accepting a range of terms and conditions. Very few people if none take the time to understand the contract fully. This has further been fueled by online platforms like social media where people sign in blindly. When dealing with matters of the contract, you need to counter check every aspect of it before you can pen off the agreement. Issues to do with a contract, especially those relating to business need to be handled with care. To avoid costly errors, it’s imperative to countercheck your contract before finally accepting it.

Final Word

When it comes to drafting and signing contracts, it is advisable to consider the factors highlighted above. Remember, contracts can be binding. If the necessary measures are not taken, you could end up losing a lot of money. If you are not sure what the details in your contract entail, make sure you hire the right professionals to guide you through your contract.

Continue Reading
Advertisement

Business and Finance

3 Things to Do If You Want a Career in Business Management

Published

on

Career in Business Management

Many ambitious people are eager to work toward a successful career in business management, and they work hard to get where they want to be. If this is something that you would love to achieve, it is important to think about the steps you need to take in order to make your career dreams into a reality. There are various ways in which you can boost your chances of success, and by planning ahead, you will find the whole process far easier.

Getting into a career like this is not always easy, and it can present a big challenge to those with minimal management skills and experience. However, one thing you can do with greater ease these days is to turn to modern technology to boost your chances of career progression. From providing you with job opportunities to giving your access to better resume tips, there are many ways in which you can benefit by going online. In this article, we will look at some of the things you can do if you want a career in business management.

Some Steps to Take

There are a few key steps you can take online if you want a career in business management. Some of these are:

Improve Your Skills and Qualifications

One of the things that you may need to do in order to boost your chances of success is to improve your skills and qualifications. In the past, this might have meant disrupting your current schedule and commitments to go to college, but these days, you can do this in your spare time and from the comfort of your own home. There are many online learning facilities that provide you with access to courses and training, and this can make it easier to earn the qualifications and gain the skills that you need.

Try to Gain Experience

Another thing that you should do is to try and gain some experience, as this is something that will look good on your resume and means that you will be able to impress interviewers. If your current job does not give you any opportunities to do this, you can always contact charities to see whether they need any volunteers in management positions. In addition, you can contact local businesses to see whether they are able to help with any work experience opportunities that you can undertake in your spare time.

Register Your Details for Relevant Jobs

Naturally, when you want to get into a management position in the world of business, you need to be on the ball when it comes to finding relevant opportunities. One simple solution to this is to register your details for relevant business management jobs online via the various jobs agencies that are in operation. You can then be informed of new opportunities automatically, which saves you time and inconvenience.

These are some of the things you should do if you want to boost your chances of a successful career in business management. 

Continue Reading

Business and Finance

Tax & Accounting Startup TaxBit Raises $130M Series B at $1.33B Valuation

Published

on

Tax & Accounting Startup TaxBit Raises $130M Series B at $1.33B Valuation

TaxBit, the leading tax and accounting software provider for the digital economy, announced today a $130 million Series B funding round at a $1.33 billion valuation. The round was led by IVP and Insight Partners with additional participation including Tiger Global, Paradigm, 9Yards Capital, Sapphire Ventures, Madrona Venture Group, and Anthony Pompliano. In conjunction with the financing, Tom Loverro, General Partner at IVP, and 2021 Forbes Midas List awardee, has joined TaxBit’s Board of Directors.

This investment comes just five months after the company raised a record-breaking $100M Series A. Since that time, TaxBit has tripled headcount while launching HQ2 in Seattle, deployed services with the IRS, and entered into partnerships with many leading digital asset platforms. Dozens of financial institutions are deploying TaxBit’s Tax Center Suite technology. Many of these platforms will be announced throughout the remainder of the year as 2021 tax season approaches, with FTX US revealed today.

FTX CEO Sam Bankman-Fried commented, “FTX US is excited to partner with TaxBit in bringing a world-class tax experience directly to our platform. FTX US users will have access to portfolio performance statements, tax optimization tools, and year-end tax forms that make it easy for users to report and file their taxes. TaxBit’s technology supports FTX’s commitment to compliance while focusing on the customer experience.”

TaxBit will use the funds to scale its multi-channel ecosystem of tax and accounting offerings across enterprise, consumer, and government sectors. The company plans to double headcount by the end of the year and continue to open new offices in the USA and UK to fuel international expansion.

“Tax reporting requirements make TaxBit a ‘must have’ for both crypto-native companies as well as traditional financial services companies as they increasingly embrace crypto,” said Tom Loverro, General Partner at IVP. “TaxBit has emerged as the clear market leader in its offering to enterprises and tax authorities. It is a privilege to partner with Austin and the TaxBit team on their next phase of growth.”

“TaxBit is pioneering a comprehensive suite of cryptocurrency tax products, and is poised to capitalize on incredibly strong industry and regulatory tailwinds,” added Ajay Vashee, General Partner at IVP, who will join the company as a board observer.

Nikhil Sachdev, Managing Partner at Insight Partners, will join the company as a board observer. “The tokenization of our global financial system is underway, and our current tax, accounting and ERP software infrastructure isn’t equipped to manage this shift. TaxBit has emerged as a leader in the industry and the platform helps everyone from consumers, exchanges and government to enterprises easily manage tax compliance and financial reporting on crypto transactions. We’re thrilled to be part of this next chapter of TaxBit’s rapid growth.”

Digital asset adoption continues to quickly go mainstream as institutional investors and global payment providers offer cryptocurrency alongside traditional assets. The digital economy’s need for tax and accounting software grows with the industry as regulators require more formal reporting practices.

“We are living in a time where everything is going digital, including traditional assets,” said Austin Woodward, TaxBit CEO. “As we’ve built and deployed modern tax and accounting software tailored to digital assets, it’s become clear that legacy tax information reporting solutions are built on antiquated technology that provides a poor client experience. TaxBit is changing the game by providing clients and their users modern, real-time technology that affords visibility and tax optimization opportunities throughout the year.”

About TaxBit

Designed by CPAs and tax attorneys, TaxBit is the leading tax and accounting solution for the digital economy. TaxBit’s customers include the world’s top exchanges, institutional investors, governments, and individuals. As the first and only company to build real-time ERP accounting software for commodities, equities, and other digital asset investments, TaxBit provides enterprise clients with seamless end-to-end solutions including core accounting suite, customer management suite, and form issuance. TaxBit Consumer makes filing taxes on digital asset investments simple and painless, while equipping them with real-time directional insights 24/7, 365. TaxBit connects all digital asset transactions across every exchange so that individuals and enterprises can accurately file their taxes, manage their portfolios, and make tax-optimized trades, all through TaxBit’s seamless & secure software. TaxBit has HQ in Salt Lake City and Seattle.

Continue Reading

Business and Finance

Need Money Now? Here Are 7 Ways You Can Gather Small Cash Fast

Published

on

Need Money Now? Here Are 7 Ways You Can Gather Small Cash Fast

Running short on your monthly budget? Don’t worry, we have you covered.

This article will provide you with 7 of the best quick money options to get you out of your small cash binds. Obviously, when you need money and that too urgently, a small personal loan seems like the best way out. There are no obligations, other than repaying the loan, and also the money is completely legal.

In this article, you’ll find everything, including short-term personal loans and other money-making tricks to satiate your financial needs.

So, stay with us and keep reading to know more.

Online Installment Loans

As already mentioned short-term personal loans are one of the first thoughts to cross many minds when they need urgent money. However, most don’t really know where to look and what to look for in a short-term personal loan.

A rather convenient way to access these unsecured loans is going through an online money lending network. Of course, accessing lending options online reduces the paper-tussle and also speeds up the process.

Typically, taking out an installment loan from a private lender or a bank would require you to visit their corporate office. On the contrary, the online process eliminates all these hurdles.

All you need to do is fill in some basic details, choose the term and amount of the loan, and submit your application. It would usually take not more than 2-3 minutes. Plus, you stand a better chance of receiving an economical loan and that too without having to share your credit history or score.

Payday Loans For Ultra-Short Fund Needs

An alternative to installment loans is a payday loan. While installment loans, as the name suggests, are to be repaid in parts, payday loans are to be repaid one-time.

Notably, these loans are most suitable when you need a very small amount of money. For example, accessing a payday loan for a $500 loan is wise, but when you need more money, it would be better if you look for installment loans.

Although, many lenders offer payday loans up to $5000 or even more, you should only choose these loans when you know you can repay in time and without fail. The biggest issue with payday loans is the processing fee and comparatively high-interest rates against conventional loans.

Liquidating Your Assets

The aforementioned loans are mostly for those who do not have any assets to liquidate or mortgage against. Of course, when you have no savings or investments, you can presume to have no backup. And you’re left with no other option than seeking a short-term personal loan.

If you already have some investments, let’s say, mutual funds, it is better to sell them off rather than taking out a loan. The benefits of liquidating your assets are you need not to pay any interest. But instead, you also get access to your earned profits, in terms of dividends.

That being said, there is also a catch to this option. It is only advisable to liquidate your assets if they have reached maturity. In some cases, your bank or your financial manager won’t let you sell funds.

Mortgage Against Your Property

Another alternative to liquidating your assets is seeking a mortgage against them. While most commonly, a mortgage is offered against an immovable asset, such as a piece of land or a house, but you can also access a mortgage against other high-value assets.

For example, you can seek a mortgage against your mutual fund’s policies, or you can also place your insurance policy as collateral.

The benefit of seeking a mortgage against your assets is only that you still own your assets. They are only being placed as collateral and will only be redeemed if you fail to repay your debt.

Organizing A Garage Sale

Quite possibly you’d have a lot of stuff at your home or your office that you don’t use anymore. There could be endless reasons for it including you may not need them anymore.

It is a good idea to sell them off to make some money when you know you don’t need them anymore.

Organize a garage sale for the stuff that you don’t use or need. Not only will it bring you the necessary funds but also help you get rid of all the clutter from your place.

Take Up A Side-Hustle

One of the best ways to make some quick money is by taking up a side-hustle. In fact, according to a survey, nearly 63% of Canadians have a part-time job apart from their regular stream of income.

Taking up a part-time job will solve your financial problems once and for all. Many part-time jobs are available either on a contract or hourly basis. It means you can expect to receive the payment for the work you do as soon as you complete and submit it.

It is noteworthy that you have endless options to choose from when it comes to taking a part-time job. You can take up freelance graphic design projects, or content writing orders. Or you can also take up a waiter’s job at a nearby diner. All you need is to know that you have the necessary skills needed to perform the task you take up.

Loan Against PF or 401(k) Account

Most of the time, financial advisors opine that withdrawing from PF or 401(k) accounts will harm a person’s credit score. And, as a matter of fact, this is true to some extent.

Despite the fact, there could be situations where you may find no other solution to your financial crunch.

But, still, it is rather best to seek a loan from your 401(k) account. The benefit is, your PF is still secure and all the interest that you pay adds up to your savings only. However, there’s a catch to this as well. When you take out a loan from your PF account, it is rather important that you pay it off in time. Otherwise, it may reflect as a distribution of payments and you may have to pay a penalty on the amount you borrow.

Facing a cash crunch is no ordeal. It could happen to anyone. What’s rather important is steering out of this financially troubling situation the most efficient way. You need to find a solution that not only fulfills your needs but also protects your financial future.

Continue Reading

Trending

Subscribe to our Free Newsletter

Get Business and Marketing Insights from Experts, only onTimes of Startups!

Your Information will never be shared with any third party