Would you like to know the Benefits of Understanding the Terms and Conditions Business Agreement before signing up for it?

Business transactions have legal document which contains a detailed account of how a company intends to render its services to its clients or customers. The terms of reference in the document are binding to all parties in the business. It contains everything the contracting parties need to know about the business or contract. The content depends on the type of business, governing laws and jurisdiction, nature of risk in the business and system of operation and so on.

Every company has terms and conditions of business that is tailored to meet its peculiar need. Unfortunately, this vital legal document is treated with carefree attitude by uninformed investors or customers whose minds were preoccupied by the gains they would make from the contract or business. They are ignorant about the fact that the risk to reward ratio of a contract or business should be carefully studied and determined and used in planning to minimize known risks or unfavorable conditions.

A good number of people sign up for one online transaction or the other ignorantly without proper knowledge of the accompanying terms and conditions of the business. The consequences of this might pass unnoticed if there is no problem throughout the contract period. Should there be any problem, then the need to know what is in the document before venturing into the business becomes clearer because the action amounts to planning to fail.

I will show you more than a dozen benefits of reading and understanding the terms and conditions of service before signing up any contract or business deal with any company:

• It will describe the exact service which the company intends to render both in scope and in quality and might state who is qualified for it;
• It will spell out the condition or conditions that will compel the company to modify the said service. As an instance, you signed up for an internet access with company "A"  because they advertised to give 20hours bonus if you purchase their 250hours bulk plan. Though testimonials abound for this offer but unknown to you their terms and conditions of service stated that this bonus offer that attracted you into this business is valid for as long as the state law that encourages the establishment of telecom companies with 10% tax reduction is in force. If you had read the company's terms and conditions of service you would have known about this clause and that could have led you to consider if the business is appropriate for you initially before venturing into it. In the illustration I gave above, if that law which guarantee telecom companies 10% tax reduction is revoked, you will lose the 20hours bonus and this will tell adversely on the satisfaction you will drive from the business. If you had known about the risk, you would have opted out from the onset or prepare yourself emotionally to absorb any shock if the bad news about the risk in the business is announced;
• It will itemized prohibited conducts from the client in the course of transacting business with the company. The  client will know in advance actions that constitute breach of contract agreement. Someone who is ignorant of rules and protocols on a website can start using robot, spider, scraper or other automated means or interface not provided by the website to access its services, extract data, gather or use information, because he is not in the know that such methods of mining information are expressly prohibited by the company and clearly stated in their terms and conditions of service;

You will know how a company plans to resolve its customers' disputes . As an illustration, a company in Accra Ghana might state in its contract agreement that in the event of a dispute with a client, that the client can only file its suit in Accra, subject to Ghanaian laws and to be determined by a local court in Accra. Now, if a customer from Ontario, Canada signed up for the service, he has acknowledged that he will go to Ghana to seek a legal redress in the event of any dissatisfaction from the company's services;

• It will explain vividly your rights and privileges;
• You will know how the company intends to treat your personal information in their possession;
• It will explain to you the condition for  termination or cancellation of their service to you;
• It will state clearly the company's stand if you transact business with any of the 3rd parties on their and incur loss;
• It will show you those that have immunity against your suit for loss you suffer while using their services;
• It will show you areas where the company's warranties did not cover and specify realistic compensation in the event of loss caused by their services;
• You will know the company's policy on customer support;
• You will know the role you will play to get posted about the latest reviews of the company's terms and conditions of service.

Just as I mentioned earlier, the list is neither exhaustive nor stereotyped but the bottom line is that it is something no serious investor or customer should ignore.