Question 19 What is the purpose of a dispute resolution clause? Question 20 Before formally making an agreement, what approval should you seek? Question 21 List 4 professional services you might employ to get specialist advice. 1. 2. 3. 4. Question 22 If you were unsure of how to comply with consumer protection laws, who would you consult to get professional advice? Question 23 List 4 specialist services an accountant may be able to assist you with. 1. 2. 3. 4. SIT Version 1.15of7 ©Futura Group 2016
Question 24 Once you have gained the confidence of a new business associate, what can you build on that relationship? Question 25 If you have signed a contract that stipulates that you will be paying $5,000 property management fees per year for 5 years, but your business goes broke in its first year, are you still liable to pay the money?Why/Why not? Question 26 When setting KPIs in business agreements, why should KPIs be quantitative rather than qualitative? Question 27 When should you review, negotiate and update your contracts? Question 28 List 4 factors that could change over time which could affect terms and conditions in your contract. 1. 2. 3. 4. SIT Version 1.16of7 ©Futura Group 2016
Question 29 Name 2 legal requirements from your industry that you may impact negotiations or agreements. 1. 2. Question 30 You are looking at entering a 3 year lease agreement for a commercial property. The contract states the lease payments will be $5,000 per month for the first year, and then increase by 3.8% every year thereafter. What will the total annual lease payments be for: Year 1? Year 2? Year 3? SIT Version 1.17of7 ©Futura Group 2016
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