- Sarah chase
- New York, NY
- United States
Chief Business Officer, Horse Lifestyle Network
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When your sales/business agreement involves specific "good faith" practices, what checks and balances do you use to ensure compliance/trust?
Some business agreements are still based upon the principle of a "handshake." But, if you're with a new company that's untested and/or if you're attempting to re-establish a good brand name after a PR fallout ... a handshake agreement (i.e. one that's based totally on trust, reputation and personal accountability) is out of the question. Yet, there are still business situations that are based entirely on "good faith." As such, what might you include in an Agreement/Memorandum of Understanding that set the ground rules that will set the parameters for good faith? In essence ... what are good faith checks and balances?