Another End-of-Year Project: Update Your Customer Contracts
It’s a good idea to update your Customer Contracts periodically and the end of the year is the perfect time. Make it annual habit.
We’re not attorneys so we don’t give legal advice as to content but, as a practical matter, as time passes your contracts may need to be brought up to date with current practice. Over the course of the year, various events may suggest possible changes to you. Keep a file of those ideas and consult with your attorney to determine what revisions are needed.
Don’t make contract changes on a random basis unless it’s absolutely necessary. Instead, make all the changes together once a year so you are keeping the number of different versions to a minimum. Be sure to identify each new version of the contract with the revision date so you can keep track of changes.
It’s also a good idea to keep a log of the changes made to each revision and the reason for each change. If you ever decide to sell the accounts, a buyer will require a copy of each contract revision that you have ever used and having clear identification will be a big help.