May 19 9:00
Errors in choosing counterparties are one of the most underestimated problems in business. As noted by the National Legal Collegium, companies in most cases lose money not because of the terms of the contract, but because of who exactly it was concluded with.
Today, many entrepreneurs limit themselves to a formal assessment of potential business partners, for example, downloading an extract from the Unified State Register of Legal Entities. However, such a check of the counterparty’s status does not give the company owner a complete picture and does not allow him to assess the real risks.
This is not enough to understand whether the partner is capable of fulfilling obligations and whether he will create problems in the future.
The consequences of such decisions can be very serious:
- loss of advances and inability to return funds;
- failure to meet deadlines and fines to customers;
- additional assessment of taxes, penalties and fines;
- the risk of holding the manager liable.
“Checking a counterparty is not a formality and not a “tick mark before the contract.” This is a tool for protecting business from direct financial losses and subsidiary liability of the manager,” emphasized Alexander Parkhomenko, Deputy General Director of NYUK Group of Companies.
There was an indicative case in the practice of lawyers: an entrepreneur entered into a contract for the renovation of a commercial premises worth about 8 million rubles and transferred an advance payment of 3 million rubles to the contractor without properly studying the information about it.
Later, after problems arose and the contractor actually disappeared, the businessman turned to the National Legal Collegium for help. Experts conducted an analysis and found out that the counterparty had zero reporting, a nominee director and numerous legal disputes behind it.
The result was that the money could not be returned, the deadlines were missed, and the customer additionally suffered losses due to fines.
“Saving on counterparty verification is the most expensive savings in business. One untested contractor can cost a company millions of rubles and several years of ships,” noted Alexander Parkhomenko.
Most of these situations can be avoided if you choose your business partners responsibly. It is important not only to formally assess the data, but also to fully check the security of counterparties, which includes an analysis of the business reputation, financial condition and real resources of the company.
This is exactly the kind of work that is carried out by the specialists of the NYUK Group of Companies. In addition to one-time checks, lawyers help businesses build a safe model of working with partners within the framework of subscription services and reduce the risk of financial losses and claims from regulatory authorities.
You can learn more about the services and get advice on the company’s website, by calling 8 (800) 550-13-02 and on Telegram (@Ndz2014).
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