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Ty Shea provides advice on dealing with contracts

In this segment, the Chief Financial Officer for Circle City Broadcasting provides insights on the importance of properly analyzing and understanding contracts before committing to them, especially when it comes to vendor contracts.

He emphasizes the importance of reviewing and negotiating contract terms to avoid clauses that may benefit the other party and compromise your business.

The CFO highlights the common auto-renewal clauses in vendor contracts and recommends setting reminders in advance of the contract termination date or immediately notifying the vendor of your decision not to renew the contract.

It is also essential to have your legal team review the contract to ensure compliance with legal and regulatory requirements.

Overall, he stresses the importance of keeping a record of all contractual commitments and their terms and ensuring that what is on paper outweighs verbal agreements.