It’s a phrase that has become a mantra for personal injury and small claims lawyers. Imported from the US legal system in the mid-90s, No Win, No Fee is the consumer-friendly name given to a method of claims financing officially known as a conditional fee agreement.
It more or less works as the two names suggest - payment is conditional on the case being won. This means litigants don’t have to raise funds up front for expensive legal action, it is the lawyers that take on the risk, and final payment is usually taken as a percentage of the compensation won.
The concept of a ‘gentleman’s agreement’ is something of a myth in business. Technically speaking, a verbal understanding between two parties is enforceable under contract law, as long as certain criteria relating to contracts are met.
But there lies the rub. If nothing is ever written down, if everything is done on a nod and a handshake, how do you ever prove things like intention to enter a contract and due consideration by both parties?
For video game fans of a certain vintage, it was a beautiful dream. A plan to reboot the classic ZX Spectrum console of their childhoods, but this time as a handheld device.
The company behind the proposed ZX Spectrum Vega+, Retro Computers Ltd, launched a crowdfunding campaign through IndieGoGo to finance the project. Enthusiasts rushed to back the plans, based on the promise of receiving one of the consoles hot off the production line upon launch. More than half a million pounds was raised in no time.
The lessons of the 2008 banking crisis seemed obvious. Economic growth built on the shaky foundations of unsustainable debt was nothing more than a house of cards ready to come crashing down.The lessons of the 2008 banking crisis seemed obvious. Economic growth built on the shaky foundations of unsustainable debt was nothing more than a house of cards ready to come crashing down.
A decade on, it’s hard to make a case that much has changed. On the face of things, there is a renewed mood of optimism that we might be on the verge of good times again. The IMF’s latest World Economic Outlook upwardly revised its prediction for global economic growth to 3.9 per cent for 2018 and 2019, up 0.2 per cent from its forecast just six months ago.
Contractors and SME suppliers in the UK could finally be in line for legal protection from losses in the event of a client collapsing.
In the wake of several high-profile insolvency cases such as that of Carillion, which raised fears that suppliers could be left billions out of pocket in unpaid invoices, the government has launched a review of corporate governance regulations for companies entering insolvency.
If, despite your best efforts, you have invoices outstanding, don’t take it personally. According to research 88% of UK businesses have been affected by late payments.
So how does your company go about recovering the monies that are outstanding?
In today’s economic climate, business customers and clients are increasingly asking for - and in many cases expecting - credit from their suppliers.
There are obviously many benefits to offering credit. It shows a willingness to be flexible which fosters stronger business relationships, and it helps to secure or keep important contracts. Used properly, extending credit for goods and services can give your business a competitive advantage and boost income.
Safe Collections is proud to announce that we are now the official Debt Recovery partner of Halton Chamber of Commerce & Industry.
Following on from the success of our free Late Payment iCalc for iPhone, in November 2010 a BlackBerry App was released. This free app brings exactly the same functionality to users of BlackBerry handsets.
In May 2010 Safe Collections became the first company to release a free iPhone App to help UK business owners. The app makes it easy to calculate both the late payment costs and interest on any overdue invoice.