When Irish and Northern Irish companies ask if there is *one* thing they can or should do to minimize the risk of operating in the US, I channel my inner Mr. McGuire (from the movie The Graduate) and say ‘process.’ It’s not quite as pithy as ‘plastics,’ but it works. What I mean by that remark is this: adopting and consistently using a process for developing and executing US contracts will go a long way in terms of risk mitigation. Comprehensive, American-style contracts, and the process by which they are built, are the most powerful defenses in an Irish or Northern Irish company’s risk-avoidance arsenal. Continue reading
This is a good ‘war story’ about getting paid. The client was (and is) based in the European Union, and they sold product to the US market. Their products were (and are) high-value, about $100,000+ per item. Not stuff I’d be able to buy, but I digress. The company insisted–strongly–on using their ‘home country’ terms and conditions of sale in the US, without thoroughly reviewing whether there was anything in the home country law that could adversely affect them in the US. We were not involved at that point. Continue reading
In a prior post, I revealed that I am a child of the 1980s. This post will start with a quote from the movie Fast Times at Ridgemont High: “Learn it. Know it. Live it.”
While the context of that quote was the Brad Hamilton character (Judge Reinhold) trying to get the Jeff Spicoli character (Sean Penn) to wear a shirt and shoes in a fast-food establishment, this post will focus on the terms of trade and that Irish/Northern Irish companies need to learn, know, and live: Incoterms. This is probably the first time, anywhere, that Incoterms and Fast Times at Ridgemont High have been linked, but I digress.
In yesterday’s post, I wrote about how an effective set of terms and conditions (U.S.-style), consistently used, was one of the most (if not the most) important pieces to an Irish/Northern Irish company’s risk mitigation strategy. To complete that thought, please take a look at this checklist: Terms and Conditions Checklist that will provide some guidance on developing effective terms and conditions.