Due Diligence – Who are you getting into bed with
Useful for: Business/Government/Non Govt Organisations/Local Government
In Brief
- Do at least basic due diligence before every deal, even if you know the party well;
- Due Diligence enables you to understand who you are really contracting with, as opposed to what their marketing information may say;
- Depending on the type of contract and your position the financial/commercial stability of the other party may matter more or less to you;
- Basic due diligence on a company you are contracting with is cheap and easy to do through online services;
- Always search the company (or other legal entity) you are dealing with. If nothing else a company search will tell you that the company is properly incorporated and not under external administration or in liquidation;
- Be wary of dealing with Trust entities – it is usually the Trustee that is the legal entity you should be contracting with, not the Trust itself.
- Partnerships and Joint Ventures are not legal entities by themselves (unless they are incorporated).
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