Freight Increases – Time to review your contracts

As the world takes steps to emerge from the pandemic, the international transport industry remains under pressure with congested ports and other factors contributing to increased freight rates. Reports indicate that increased freight costs look set to remain until at least 2023, and such predictions were made without considerations of war in Europe.

If your business supplies goods to customers that it obtains from overseas, now is the time to review your contracts to make sure that they contain appropriate price mechanisms, so your business can adjust for the impact of sharp increases in freight, and pass such costs on to your customers.

Whereas in the past your business may have been able to factor in increased costs into its bottom line, the scale of the current increases may warrant a review of your contract terms, to make sure your business’ profitability remains viable.

Book your complementary initial 15-minute consultation or call us on 1300 80 67 80, to find out more about how the team at TLB LAW & CO can assist you with reviewing your existing contract terms, and working with you to recommend amendments to protect your business.

IMPORTANT NOTICE – The information contained in this article is not intended to be comprehensive. It is general in nature and is not intended to be used as a substitute for legal or other professional advice. You must seek specific professional advice tailored to your personal circumstances before taking any action based on this article.

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