What You Need to Know About Business Contracts w/ Yolelwa Sikunyana

Contracts and agreements are important when conducting business for all sizes of companies. In earlier decades, there were few written business contracts, and many business and personal deals were done with a handshake. If a problem arose, the two parties could take the issue to court, and a judge would hear the case even if the contract was not put into writing. While a verbal contract is still legal (except for in specific situations), most contracts are documented in written form. Contracts have become increasingly detailed these days, and every effort is made to make all possibilities and eventualities clear. In this video, Yolelwa Sikunyana shares the basics of what you as a business owner need to know about drafting or signing enforceable business contracts. ___________ Timestamps: 00:10 - Intro 05:20 - Presentation on Business Contracts starts 23:48 - Q&A time 24:39 - Is your advice to ask clients to sign an NDA before we send proposals? 28:30 - Do I have a leg to stand on if I want to challenge a tender where I was disqualified due to failing to submit a resolution of board directors to sign the tender document while I am the sole director? 30:22 - Is there a simple Non-Disclosure Agreement (NDA) template we can use? 31:48 - In small companies where there is an owner and employees, who does one sign a contract with? 34:02 - What do you do when you have to submit a government tender document and there are clauses that say they will own your intellectual property? 36:55 - If I hire a subcontractor who does the work for me and I compensate them for their service, does that mean I now own their Intellectual Property? 39:29 - If I lend money to another company to help them complete a Purchase Order (PO) without signing a written contract, then they complete the PO, get compensated but no longer honor their verbal agreement with me to pay back my money, can I take legal action on them? ___________ Resources: 1. Standard Resolution Template: https://docs.google.com/document/d/1x... 2. Watch Part 2 Here:    • What SMEs Need to Know About Business Taxe...   ------------------------- Follow Brendmo: Website Blog: https://www.brendmo.com/blog/ Facebook: ​  / brendmoaccountants   LinkedIn:   / brendmoaccountants   Instagram:   / brendmoaccountants   CONTACT US 📧 https://www.brendmo.com/contact-us/ 📱 Tell: 011 026 3052