Treating Smaller Businesses Like Consumers – Unfair Contract Terms’

Watch Out for The Small Print! Businesses Lose Billions for Failing to Spot Terms and Conditions

Watch Out for The Small Print! Businesses Lose Billions for Failing to Spot Terms and Conditions

UK small businesses have lost nearly £4bn in the last three years due to dodgy contracts with large suppliers, according to new research from the Federation of Small Businesses (FSB). The FSB’s latest report Treating Smaller Businesses Like Consumers – Unfair Contract Terms’ revealed that 2.8 million small enterprises have been victims of underhandedness by suppliers, with 75% of those affected being hit at least twice in the past three years. Suppliers failing to make auto-rollover clauses clear up front (24%) was the biggest gripe of business owners, followed by lengthy notice periods (22%), high early termination fees (20%) and concealed details in the small print (20%). When placed in such a situation, 40% of small firms said they felt ‘powerless’ to do anything about the unfair contra... »