Money laundering is when someone transfers money to hide illegally obtained money (e.g. received from criminal sources), in order to conceal where the money came from by making it seem as if it was taken from a legitimate source. While there are several different methods that can be used to launder money, one possible way … Read more
When accepting payment methods at either your physical retail store or online, it is important for businesses to be wary of the regulations you need to follow, to ensure compliance with the law. With the rise of contactless payments and the increasing risks of cyberattacks, here is what you need to know when accepting payments. … Read more
A Memorandum of Understanding (MOU) document sets out the preliminary terms of a commercial transaction agreed by the parties in the course of negotiations. This is often used to ensure both parties are on the same page as regards the major aspects of the transaction and prevent misunderstandings. It is also known as a head … Read more
What is an indemnification clause? An indemnification clause provides that a party agrees to compensate an individual if they suffer a loss as a result of a specific event such as breach of contract etc. It is an important clause to have in a business contract because it allocates the risks associated with the contract … Read more
A referral agreement is entered between a supplier/service provider and another company that refers potential clients to the supplier/service provider. It is used primarily when people have business contacts in a certain industry and receive a “Referral Fee’ for making a successful introduction to others. It is also referred to as a business introduction agreement. … Read more
More and more entrepreneurs are ditching the traditional business model and moving their business ideas online. As easy as that may be, you need to be aware of the legal requirements when setting up an online business. Register your business Before running an online business, the first thing to do is set up a company. … Read more
Agency refers to a type of relationship involving two parties: an agent and a principal. The principal can be an individual person or a company. In an agency relationship, the agent is granted the authority, to act on behalf of the principal. This includes the ability of the agent to create binding contractual relationships between … Read more
What is an NDA? An NDA, which stands for a non-disclosure agreement, is a legally binding contract in which a business or individual promises to keep certain information received from another party confidential. There are generally two parties to an NDA: discloser and disclosee. The discloser is the party who is disclosing the confidential information … Read more
A misrepresentation is a false statement of law or fact made by one party (party A) to another party (party B) which induces that other party (party B) to enter into a contract. The three elements that must be present for misrepresentation are: (i) Someone has made a statement of fact … Read more
An exemption or exclusion clause is a term in a contract which seeks to exclude or limit the liability of one of its parties. For example, it may state that a party has no liability if the contract is breached or, alternatively, seek to limit the range of remedies available to one party for a … Read more