Every biz should do annual ‘Legal Audit’ ™ – All documents comprising its ‘critical transactional path’ MUST have a consistent ‘risk management message’ & be compliant with relevant statutes
You have no doubt heard me speaking about carrying out a Legal Audittm of your business: Legal Audittm has two components namely the macro & micro Legal Audittm, both of equal importance but absolutely crucial for any business: one is the micro Legal Audittm which assesses ‘critical transactional path’ (‘CTP’™) & related documents. These are a ‘must have’ and would typically consist of the following: e-mail ‘sign off’ – website conditions (Different from standard conditions)- privacy policy- website indemnity – letterhead – telefax – estimate – quotation – credit card authorization form – standard terms & conditions(‘T&C’) – & for tourism: itinerary – delivery note – invoice – statement. The documents comprising the CTP™ MUST have a consistent ‘risk management message’ & staff training goes hand in hand with that risk management. The macro Legal Audittm deals with such matters as your relationship agreement (which could be a shareholders agreement, association agreement or partnership agreement), employee contracts, supplier contracts, your trademarks, domain names and lease. The Legal Audittm will give you an indication of the compliance of your business with the latest legislation, case law, corporate governance and applicable incidents. A Legal Audittm should be carried annually & will not only assist you in identifying the risk profile of your business but also in addressing and managing it effectively! Most of us go for an annual physical check-up & take our cars to be serviced once a year, so why not your business as well?
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