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This clause decides who bears the risk if exchange rates move between when you agree the price and when you actually get paid. For example, if you're a UK company owed $10,000 USD and the pound strengthens, you'll receive fewer pounds than expected.
Read More →This clause sets what interest rate you'll charge if the other party pays you late. For example, if they owe you £5,000 and pay 30 days late at 8% annual interest, you'd earn about £33 extra. In the UK, the Late Payment of Commercial Debts (Interest)
Read More →A retention amount is money the other party holds back from each payment you're owed—usually 5-10%—and only pays you later (often after the project ends). This protects them if your work is defective or incomplete. For example, if you invoice for £10
Read More →This clause breaks the contract price into smaller payments, each triggered when the supplier completes a specific stage of work (for example, 25% on contract signing, 25% on design approval, 25% on production completion, 25% on delivery). This prote
Read More →This clause requires you to pay part or all of the contract price before the other party delivers goods or services. For example, you might pay 50% upfront and 50% on delivery. Advance payments create real financial risk for the paying party: if the
Read More →This clause allows either party to cancel the contract if a force majeure event prevents performance for longer than a specified period (often 30–90 days). This protects both sides from being trapped in a dead contract—if a supplier cannot deliver fo
Read More →This clause gives the party affected by force majeure extra time to complete their obligations without being in breach of contract. For instance, if a shipping company's port is closed for two weeks due to a hurricane, this clause might extend their
Read More →This clause requires the party facing a force majeure event (like a natural disaster or pandemic) to take reasonable steps to minimize the damage and get back to performing their contract duties. For example, if a supplier's factory floods, they must
Read More →This clause requires you to notify the other party quickly (usually within 24-48 hours) if you're claiming force majeure, or you lose the right to claim it. This is a procedural requirement that can be a trap: even if a genuine disaster occurred, if
Read More →This clause defines what counts as a "natural disaster" for force majeure purposes—for example, earthquakes, floods, or hurricanes, but maybe not pandemics or extreme weather. The definition matters enormously because if your situation isn't on the l
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