10 Rules for Composing Terms and Conditions for Your Invoices

Solid terms and conditions for your invoices are extremely important for your small business. If your invoices are complicated to understand or confusing to read, you may do some severe damage to your cash flow. Why? Mainly because if the client can’t understand your invoice they’re not going just pay. Your client wants to be sure that they’re being priced the proper amount of the goods or services that they requested.

1. Start thinking about all potential legal problems and scenarios.

The first thing that you must do before writing down your terms and conditions is to list all the probable legal obstacles or circumstances that could happen.

As an example:

What measures will you take if the client does not pay the invoice?
What will happen if you’re past due on delivering your services or products or service to the customer?
What will you do if the client is dissatisfied with your goods and services?
What will happen if the product or service is damaged when being provided by your client’s delivery service?
Are there any incentives if your customers pay beforehand?
What kind of rate of interest would you like to charge for late payments?
What if the customer is interested to renegotiate the contract just after the two parties agree to the terms and conditions?
Can your customer request a reimburse? If it does, what scenarios would allow for this?
What will happen if the scope of the work becomes wider?
If there was a misestimate on a budget or quote, who is going to pay for it?
Who is responsible if a product breaks after being bought?
What strategy will you undertake it the agreement or contract is terminated?

It might take a little time to think about and formulate this list, but as soon as you have got all of this written down you will be in a position to write future conditions and terms in a flash with the other clients that you will add to your client list. Most importantly, having the most appropriate terms and conditions for your firm will ensure that you are compensated and take care of your business if legal action is ever undertaken.

2. PROVIDE ALL CRUCIAL PARTS OF AN INVOICE.

Featuring the all-important elements of an invoice isn’t going to only speed-up the payment process, it will also answer whatever questions that the client has with regards to the goods or services that you provided for them.

When generating invoices, ensure that that you include:

Your logo
Invoice number
Your contact information
Your client’s contact information
The due date
The products or services you provided and their costs
The forms of payment that you accept
Early payment invoice discounts or enforce late fees

Before mailing out the invoice, ensure that all the information is right and that it’s being sent to the correct person. Any errors can easily slow-up the payment process and make you appear less professional.

3. CLEARLY EXPLAIN THE PRODUCTS/SERVICES BEING PROVIDED OR SCOPE OR THE PROJECT.

This is certainly the most relevant part of the terms and conditions on your invoice. Why? Because it describes what particularly the client is paying you for.

Like for example, if you are hired to make an internet-site for a client and it’s more than the client has imagined, having a description of the time and expenses it cost you to finish job answers any kind of questions or doubts relating to the final sum of the invoice.

4. SHORTEN YOUR PAYMENT TERMS

This should be {is kind of} obvious, but when you give customers a lot of time to make a payment, the longer it takes for you to get paid, which in turns leads to a slower cash flow.

So if you have a customer 45 days to pay an invoice, for instance, and that customer paid you a couple of weeks late, that means you’ve waited 2 whole months to receive a payment.

A payment term of 30 days or even less is the standard when it comes to invoicing simply because it’s helpful in keeping the cash flowing. Nevertheless, review your industry’s invoice standards and check with the client when their pay cycle runs. These factors can help you establish your payment terms.

5. HIGHLIGHT GUARANTEES AND WARRANTIES

It is not unusual for any business that is selling goods and services too often give guarantees and warranties. It makes them look more legit and reputable and gives the customer assurance. If you do provide a guarantee or warranty, make sure that is clearly outlined in your terms and conditions.

Never forget to address topics like situations where the client/customer loses their guarantee or warranty.

6. PURSUE LATE PAYMENTS.

Generally, there will be times when customers won’t pay invoices by the due date. Instead of being passive, you need to be persistent by tracking down those particular late payments.

Regularly keep track of your customers’ payment due dates and get in contact with them by telephone, e-mail, or mail if they have not paid you by the due date and feature late-fee terms on your invoices, like charging interest on over due payments – which a trusted cloud-based invoicing software will do for you automatically.

In case you can’t get a hold of the late-paying client, or they are not responsive to follow-ups, you may possibly have to send a collection letter, hire a collection agency, or take them to court. Make all of this information crystal clear from the beginning.

7. ONE SIZE DOES NOT FIT ALL.

Be sure that your terms are specifically created for your business. Remember, your business does not have the identical requirements, resources, and clients that other businesses have. Because of this you can’t really just copy and paste the terms and conditions from a commonly used template or another business considering that they probably won’t address your particular needs.

A template is really good for starting and directing you in the right directions, but ultimately you have to write terms and conditions that best match your business and clientele.

8. ALWAYS BE PROFESSIONAL AND POLITE.

Being polite can have a beneficial influence on your business. Simply adding a phrase such as kindly pay your invoice within twenty-one days” or “thank you for your business” can, in fact, increase the number of invoices getting paid by more than 5 percent! This may not sound like much, but this can result in thousands of us dollars per year right into your banking account.
Aside from assisting you get paid faster, being professional and polite can easily make improvements to your brand’s image.

9. MAKE THE TERMS AND CONDITIONS UNCOMPLICATED TO READ.

Keep the language in your conditions and terms simplified and intuitive. Put yourself in the shoes of your clients’ customers and realize that they’re not all familiar with industry terminology and even bookkeeping terms, like for example “net 30.”

Additionally, don’t aim to hide every single thing on just one page by using a small font so that your clients are not able to read the fine print. It will look tricky to your client and will ruin your reputation (regardless if there is nothing tricky on your invoice).

10. WHEN IN DOUBT, ASK FOR HELP.

When all else fails to perform as expected, or you wind up in a sophisticated or specialized situation, don’t hesitate to seek guidance from your mentor, fellow business managers, or your attorney. These are individuals that have experience in writing terms and conditions and are more acquainted with laws and regulations then you are.

Illegal Sports Gambling Is Big Business! Will It Finally Become Legal? Supreme Court to Decide

No matter what sports season we’re in, you probably have a favorite sport you relish following. Maybe March madness college basketball, the NFL, baseball, hockey, golf, or soccer. Perhaps you would like to make a little bet, but many sports fans in the United States are leery of the legitimacy and legality of internet gambling. If you live in the United States, your legal sports betting options at brick and mortar casinos are limited to Nevada, and to some degree at Delaware racetracks.

The Supreme Court has heard arguments on a New Jersey challenge which would permit sports gambling at its casinos and racetracks. If the court rules in favor of New Jersey, Gaming experts predict that most states will jump on the bandwagon to legalization, in order to fill state coffers with tax revenue.

If you’re unfamiliar with the particulars of how to bet on sports, the following describes how it all works:

Sports Betting Jargon

Before we get into the specifics, here’s a little jargon explanation to help you understand the process:

Action – A term for all the betting activity that happens during an event.
Handle – The total amount of money wagered on events.
Spread – Giving one of the two teams points to even out the betting action.
Sports Books – Establishments that take bets on sporting events.
Juice – A percentage of the win taken from a bettor that won an even money bet. Sometimes called the vig, which is short for vigorish.

Types of Bets

There are many different types of bets. By far, football draws the most action with the biggest handle. The Super Bowl alone draws over $100 million in legal betting activity, and over three billion (that’s billion with a B!) illegal wagers. Now you see why states want a piece of the action.

Even Money Bets – Players betting on only one team to beat another. The sports book takes the juice/vig from the winning payout amount. A common vig is $11 for $10. (Bettor wages $11, wins $10.) House keeps $1. Most bets will have a point spread (line). If the player is picking the underdog, S/he will take points. If the bettor is picking the favorite, S/he is laying (giving) points.
Parlay Bets – Betting on multiple (two or more) teams to win. Here’s a scenario on a point spread ticket. Let’s assume that on event #1, Tampa Bay is playing at Green Bay with GB favored to win by at least 3 points. In event #2, Buffalo is playing at Miami and BUF is expected to win by at least 7 points. Your game ticket would look something like this:

Event Visitor Vs Home

1. TB GB. -3

2 BUF. -7 MIA

This means that if you bet on GB they must win by more than 3 points. A bet on BUF would require them to win by more than 7 points. By choosing the favorites you are laying (giving) points. If you were to put your money on GB and MIA, you would be taking (receiving) the points.

One way to eliminate confusion is to jot down a spread score before the games start. for example on this ticket:

The score before the game starts is:

TB 3 GB 0
MIA 7 BUF 0

When the games are over just give the points to the underdogs. In most jurisdictions, ties lose for the player. In other jurisdictions the prize payout for one tie is reduced to the next lowest payout factor. A common play in casinos is a four team pick for 10X the bet.Bet $10, win $100, but you can wager from two to twelve games. The more games you play, the higher the winning payouts.

Over/Under – One scenario is betting that the final score ill be over or under a certain number a preset number.
Prop Bets – A proposition bet is where you predict the outcome of a preset number of props on a single ticket. Example: Total field goals over/under 4. Total interceptions over/under 3. Total sacks over/under 2. Total receiving yards, total yards, and the list goes on and on.

The Big 3 Factors in Choosing a Sports Handicapper

Are you a sports fan who likes to bet on his favorite team? Are you a casual bettor or do you bet on sports seriously? For casual bettors who enjoy plopping down a few bucks on a game of interest, there is not so much a need to pay for a professional service that provides betting advice. It’s just a little money on an interesting game, and it makes spectating a little more enjoyable. But for those individuals who take their sports betting seriously, they may want to consider hiring a sports handicapping service.

In many cases, it can make sense to hire a handicapping service, but you need to understand exactly what you are paying for. You’re not hiring the handicapper (also known as “capper”), for some additional counsel. They shouldn’t be viewed as just another opinion. If you are going to pay handicappers, then you should take their tips and bet them accordingly. Picking and choosing which bets to play may not be the best strategy.

So let us assume you have made the decision to hire a capper because you are serious about making money in the world of sports betting. What should you look for in your search? Although there are many similarities in the various cappers, there are also some differences as well. In this article we will review three of the most important considerations.

Look for an Experienced Handicapper
There is an old saying that there is no substitute for experience and that is very true in the world of sports handicapping. Make no mistake that capping sports games successfully takes a lot of hard work. There are many variables to consider and these guys need time in the business to really figure out how to do their jobs effectively. That usually involves many years in the business. Thus, look for a handicapper with at least ten years of solid experience handicapping sports.

Find a Handicapper Who Posts Results Publicly
In the business of sports betting, there are many handicappers who prefer to keep their identities and results private. That may serve their own needs well, but for me, I want to know who I am hiring and what their track record for successful capping has been. Look for someone who isn’t afraid of being transparent, if not with their identity, at least with their results. It is common knowledge that even the top handicappers are only successful 55-60% of the time. Make sure the handicapper has a success rate of a minimum of 55%, so that you can bet profitably over the long run. After all, you are paying him for his expertise and he should therefore be willing to own up to all of his picks.

Ensure the Pricing Structure Fits into Your Budget
The bottom line in professional sports betting is making money. The bookmaker must get paid. The handicapper must get paid, and you, the bettor, wants to get paid too. Before you hire a handicapper, make sure you have a complete understanding of his prices. Are you paying for a subscription? If so, how long does it last, and is the renewal rate the same? Calculate the handicapper’s fees into your formula to determine how successful you need to be to profitable. Higher priced handicappers are more suited for the bigger bettors.

Conclusion
Who is the best sports handicapper? The answer may surprise you. There are quite a few good ones out there. If you choose one that has been capping for at least ten years, posts their results publicly, and has a fair pricing structure, then you have done your homework and are ready to dive into sports betting with a good partner.