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Winter 2012

In This Issue
TTE Leading Local Businesses in Giving to the Community
Browse the Archives
Welcome
Contract and Negotiation Success Tips
TTE is Here to Help
TTE  LEADING LOCAL BUSINESSES IN GIVING TO THE COMMUNITY

TTE CEO and President Terry Thompson is passionate about business and her local community. Combining those passions, Thompson is making a way for local businesses to reach out Adopt a Familyto families still struggling with the economy. Partnering with a local church, TTE has founded an organization called Adopt a Family Ministry. "It's a way for local businesses to help people in the short term without them having to go to the government. It's a way to help people get through a rough spot so they can get back on their feet," she says. "And it's a way to give back to the community, to the very people who have been purchasing the company's goods and services."  Organized as a 501(c)(3), donations are tax deductible and businesses that contribute will receive a quarterly general statement of funds distribution.

Check donations can be sent to:  
St. Mary Catholic Church 
Attn.: Adopt a Family Ministry
10307 Dundee Road
Huntley, Illinois  60142

OR

Set up an automatic withdrawal through your bank. For more information
at TTE. 
BROWSE THE ARCHIVES

Browse the TTE Blog archives this winter season! You'll learn about the new TTE iPhone and iPad application soon to be unveiled, glean tips for creating great audio files, and discover ways to incorporate transcription in a variety of business opportunities. We've highlighted a few blog entries in this article, so start browsing today by clicking on the links below. Enjoy!

"Transcription Technology That Will Change Your Life"  
August 23, 2011

 "4 Ways to Enhance Your Dictation"
August 1, 2011

"How To Use Transcription in a Law Practice"
May 9, 2011

"Webcasting: To Transcribe or Not To Transcribe"
September 6, 2010

"Using Transcription: Focus on Interviews"
July 9, 2010

"The Power of Transcription: Making Your Past Speeches Work For You"
April 30, 2010

"Tips for Great Audio Recording During Your Conference Call"
March 25, 2010
 
"Using Transcription in Documenting An Investigative Statement"
July 24, 2009

"Creating Great Audio Recordings"
June 3, 2009


WELCOMEMercury Radio Arts Logo

TTE is providing transcripts for Mercury Radio Arts' Internet show, "The Glenn Beck Program." Welcome Mercury Radio Arts!
CONTRACT AND NEGOTIATION SUCCESS TIPS
Disclaimer: The information contained in this article is for discussion and thought purposes only. Individual and business situations vary greatly; this is not intended as personal or business legal advice.

Contract NegotiationAs a new year gets started, people often take time to review, renew, and refresh their perspectives. In their personal life, someone might write a new year's resolution, make grand plans, or start a new exercise routine. Company leadership teams might take a look at the policies, processes, and procedures they have in place for contract negotiations. TTE recently talked with Jim Interlandi, founder and owner of Virtual General Counsel, to get his perspective on what helps make an effective contract and contract negotiation process. With over 15 years as a business-focused attorney, Interlandi has represented clients, including TTE, on both sides of negotiating contracts.

The Big Picture   

Regardless of whether you are the client or the vendor in the deal, put together a contract that addresses both sides. Avoiding one-sided contracts will go a long way to establishing credibility and serious engagement in the process, according to Interlandi. Also, streamline the contract and make it easy reading whenever possible. One technique Interlandi has been successful with for some industries and businesses is changing the format and order of information in the contract. For example, he might put the business terms, the pricing, and the service or product details first, and then incorporate the legal terms at the end of the contract or simply attach them as terms and conditions to the contract.
     Before you even start with a contract, though, there is one step Interlandi feels is a useful tool not just for establishing a potential client's credit history, but also for helping contract and client relationships go well in the long run, at least from a collection standpoint. "Manage credit up front. It's much cheaper than collecting," he says. "Don't just rely on the contract and payments in the rear to handle that." Two ways to do that are to: 1) get three credit references and a bank contract when you initially take on a new client, and 2) get a business credit report.

Contract Language

     When writing and reviewing contracts, look not only at the big picture but also at the details. The clearer the language is, the more beneficial the contract is for both sides. Some specific areas to evaluate language clarity in are: past due account collection; termination rights; limits of liability; delinquent account collection cost responsibility; and transaction tax payment responsibility. In regards to termination rights, they should be consistent with your business and resource allocation, according to Interlandi. Written clarification on delinquent account collection cost responsibility can help give companies direction as they prioritize and allocate resources during a tough financial time, and it can also give a vendor more standing as they try to collect the debt. And for transaction payment tax responsibility, just like a sales tax, ideally that would be identified as the purchasers (or clients) responsibility, according to Interlandi. 

The Process

     Once you do have a contract in hand, allocate time to the contract itself, the negotiation process, and communication with your attorney. "Create a significant amount of time for you and your advisors to review the contract and respond accordingly," says Interlandi. "At the very least, scan what you're sending to your lawyer or what your lawyer sent to you that you're now sending to the other side." Not just so that you understand and agree with it, but also to open communication with your attorney and give your attorney direction on things that are important to you. Some of the benefits of maintaining open communication with your attorney are:
  • it helps them understand you, your company, and your business
  • it facilitates a better working relationship
  • it usually results in clearer, better contracts

     That open communication starts with allocating time, and continues with active participation and a right perspective. "Don't assume that just because you've had some conversations with your lawyer that the contract is 100% accurate. It's a process. It's an investment you make in your lawyer, and their understanding of you," says Interlandi. Active participation includes asking great questions - questions that stay focused on productive conversation and are relevant to closing a deal.  

 

Trends

 

     Interlandi sees two areas getting more attention in 2012: Data Privacy and Security, and a Gross Receipt Tax.  

  • Data Privacy and Security: "There's a coming wave of regulations that will be touching more and more businesses that has a business and technology component," says Interlandi. "More and more states are requiring various things of businesses to maintain data privacy and security. It tends to be in areas of consumer data, but it can also be in the business-to-business context."      
  • Gross Receipt Tax: Because states are strapped for cash, more and more of them are starting to assess taxes not just on goods but also on services rendered. "Several states now have what's called a Gross Receipt Tax," says Interlandi. "For example, if you're a consultant and you ordinarily would never think that your service is taxed when it comes to what you provide to your client, they're starting to consider that." While some states have created (or are in the process of creating) new laws for this, other states are simply finding ways to use what's already on the books. And, some states have instituted similar concepts under different names.  

 

Jim Interlandi is the founder and owner of Virtual General Counsel, a boutique firm specializing in Jim Interlandithe representation of startup and growing technology-oriented businesses. Providing outside general counsel, Interlandi works as a part-time member of a client's management team to provide or coordinate all law services. Prior to founding his own company in 1999, Interlandi worked for a variety of businesses and law firms, including Sidley & Austin. Interlandi received a B.A. in English Literature from Carleton College in 1989 and a J.D., magna cum laude, from the University of Minnesota Law School in 1994. He is currently an Adjunct Professor at Chicago-Kent Law School.     

             
TTE IS HERE TO HELP

Thank you for using TTE Transcripts! We appreciate your business and look forward to continuing to work with you this year. We're here to help you succeed. Our company's name speaks to the bedrock of our services - transcription. TTE also offers a suite of related services that can be integrated into transcription projects or simply used on their own.

Translation Services

     In today's global market, the ability to communicate with clients and partners around the world is increasingly important. TTE can provide voice or text translation from any language into English and from English into any language, covering all languages in Europe, Asia, South America and the Middle East. ...  Read More

Teleconferencing and Webinars

     Businesses are increasingly drawn to teleconferencing and Webinars as a method of easy, efficient and economic communication. As with live meetings, these events become significantly more productive when a written record is made during and shared afterwards, ...  Read More

Editorial

     Need your transcription turned into a polished, professional document? TTE is experienced in transforming raw data into usable information and packaging it in a publication-quality format. We help you maintain corporate consistency, ensuring that all documents meet your high standards and professionalism.

     And for the CEO who doesn't have time to read long documents, we also develop condensed summaries to help you get right to the point. Most commonly, that means creating detailed or abstract summaries: ...  Read More  

 

IdeaScribeŽ

 

     You talk faster than you type or write. You do your best thinking out loud. You'd love to record your ideas and plans but would rather leave the work of transcribing them to a professional. TTE Transcripts' IdeaScribe service stands ready ...  Read More


Let us know how we can help your business grow to even greater heights this year! Contact us by phone or e-mail. We'd love to talk with you about your project ideas!







CLIENT TESTIMONIAL

With so many daily business activities and projects to look after it is refreshing and re-assuring to know when I send a project out to TTE it always comes back perfect and on-time, every time. Thank you TTE. I look forward to working with you for another 20 years.

John Ystrom

Ystrom Signature Productions

 

 

 

My experience with TTE Transcripts was excellent. The people I dealt with were friendly and informative. The cost was very reasonable and the turn around time was fast. I would not hesitate to use TTE Transcripts in the future.

Commander Rick Davies

Vernon Hills Police Department

Illinois 

 

 

 










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