10.00 - 12.30
At the May law seminar, Brigitte Vanatova, lawyer at De Koning Vergouwen Advocaten, talked about the importance of the retention of the Title Clause in the General Terms and Conditions. Erik Vrij, Head of Corporate Banking Legal, ING The Netherlands, introduced general legal and financing topics relevant to entrepreneurs when they need financial products to do their business.
Companies often ask Brigitte why it is important to include a retention of title clause in the general terms and conditions of an agreement. The answer is quite simple. Rather than regulating matters related to the core of an agreement, such as product and price, the general terms and conditions are concerned with the framework around the agreement. These include liability, the duration of the contract, the time limit for complaints, jurisdiction in case of disputes, the retention of title, debt recovery costs and late payment penalty. Companies that supply goods to other companies, nationally or internationally, would be wise to negotiate and include a retention of title clause in the general terms and conditions of their agreements. Retention of title means that the seller remains the legal owner of the goods he delivers until the purchase price is paid in full. As long as the seller retains title to the goods, he has the right to reclaim them from the buyer, should the buyer fail to pay the purchase price. The retention of title clause is therefore a pre-emptive measure, regarded as a highly effective business tool. Under Dutch law, the retention of title clause must meet several conditions.
Erik focused his speech on practical issues that entrepreneurs face when they need to finance their business activities. He presented various finance products, e.g. credit facilities, bank guarantees, letters of credit, payments and cash pooling. He also provided tips and tricks to deal with banks in order to get the best possible product and service in relation to their commercial needs. Moreover, he discussed relevant matters when dealing with international financing arrangements.
It was a pleasure to meet both speakers at the nice premises of Peterka & Partners. Erik Vrij had a gift for all participants: “WHITE INK” with a personal dedication, a book written by Erik.