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Key Takeaways Before signing contracts with vendors, research companies, ask for customer references, lean on trusted peer networks, and consider on-site visits or hiring an attorney to perform in-depth due diligence.
Neglecting to read and understand contract language of any kind could potentially result in irreparable harm to any individual or business.
When reading any business agreement, consider warranties, indemnification, auto-renewal or termination clauses, limitation on damages and limits on rights to sell or transfer.
Running a successful business is challenging in every regard. Like many business owners, I’ve learned to pay close attention to the products and services I purchase. The same holds true for operating expenses, such as payroll and overhead.
For example, I retained a public relations firm. However, after a short time, I realized I wasn’t getting what I expected. Naturally, I decided to end the relationship. To my surprise, the vendor continued to bill me for services that I didn’t need or want. I’m sure every entrepreneur could share similar stories.
In the past few months, I’ve seen several companies I consider fraudulent promise to deliver services they have little or no expertise in. Such examples can cost companies tens of thousands of dollars, a direct negative hit to their bottom line.
A recent compliance scandal
According to leading economic publications, the cybersecurity sector remains one of the fastest-growing industries in the world. By 2030, cybersecurity and data protection are expected to reach $400 billion in annual revenue. Just imagine the opportunities for startups hoping to capitalize on a fraction of this growth.
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