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A Word To The Wise About Putting It In Writing

Remember to document commercial agreements.  A substantial sum of money was transferred to a trusted person with little documentation as to how it was to be used, timeframes as to the return of the money and basic procedures should a dispute arise.

Unfortunately, the trust was misplaced and the person who got the funds did not return them within the expected timeframes.

While it was clear the parties had entered into a commercial agreement, and there are legal remedies available to assist in recovering the money, it would have been much cheaper and easier if the agreement had been simply recorded.

If you are considering entering into a commercial agreement with another party, particularly involving substantial sums of money, we suggest contacting your solicitor about the best way to simply document the transaction to protect you from situations which you don’t expect but may nonetheless arise.