A contract is the basis of any working partnership. It lets the customer and the company know what it expects from the other, how and when it will be completed and what they each will receive in return.
Contract checking is vitally important as any incorrect details in the contract can severely delay payment or even make the contract void.
Sam and her team check hundreds of contracts (Hire Agreements) a week, "We aim to pick up any mistakes entered or missed during the contract completion. Any anomalies not picked up during this process can result in a late payment to the supplier or late delivery of equipment to the customer."
Sam and her team continue to route out any faults or inaccuracies that slip through on our contracts. Here are the Top Three missing pieces of information:
1. Missing signatures
Yes, you won't believe it, but customers forget to sign documentation. Especially our Delivery Certificate. The Delivery Certificate certifies that the customer is happy with the equipment and would like to start the lease agreement. It's important, and often forgotten!
2. Contact Details
Address, email address and even name! Keeping in contact with our customers is of utmost importance. Within a lease, the equipment belongs to GRENKE and the customer simply hires it from us. Contact details allow us to know where the equipment is, and whom to get in contact with for paying rentals on the equipment.
3. Payment Details
Many customers choose to pay by Direct Debit. We need an account number in order to complete the Direct Debit mandate, which includes the 8-digit account number.
To avoid mishaps, Sam has put together a checklist for those entering a leasing agreement:
- Contracts are in a clear structure with as few pages as possible. Read from Start to Finish and highlight any areas for completion or simply questions with your salesperson.
- Ensures that the Agreement is signed and counter-signed by all parties involved, and they are dated.
- Read your Terms and Conditions, they are there to inform you of your rights and commitments and the finance company's commitment.
- Sign your Delivery Note when you are happy with the equipment and all is in working order.
- Stay in touch with your contract and manage your payments on our Customer Portal.
Contracts can be full of jargon and confusion. It is important you take time to understand your contract, whether that's asking the right questions or using our Customer Checklist for all GRENKE Contracts.
Thank you to Sam Norton for her keen eye, and offering her insight into those common mistakes we want our GRENKE Customers to avoid.