Most small business owners don’t know the difference between service agreements and term contracts. The latest trend in business is to lure consumers with irresistible offers and trap them in long-term contracts that benefit only the company. Despite being a nation of increasingly educated consumers, this still happens. Why? Because we often procrastinate until an emergency arises or blindly trust others to act with integrity. Unfortunately, both choices can lead to significant financial loss and emotional distress.
So What can you do?
The clear solution is to carefully read the contract terms. But let’s be honest—how many of us actually take the time to do this? And how often does the sales process or the sales representative discourage thorough review? For example, I recently met with a business contact who works for a major security company. I trusted this person to be honest and to have my best interests in mind. Unfortunately, I was misled.
