When the transactions deal with money, this could lead to a possible need for a contractual agreement. However, if a dispute arises, there is usually the need for both a business lawyer and an expert witness that is experienced in the business world. Knowing how transactions operate and the inner workings of personnel and information, it is better to explain what occurred and why certain actions took place to a judge, jury or lawyer.
An expert witness may be used in a legal conflict to provide a means for negotiating with a clear understanding of how much should be sought and why the victim is afforded a greater compensation than in other circumstances. These professionals have the comprehension of business specific terms, how certain employees are used such as brokers, shareholders and similar person and if a crime has occurred. In some situations, this expert is able to assuage disagreements between the organizations through explaining how the deal is mutually beneficial. This would make the professional invaluable in resolving the legal battle.
What is a Business Transaction Between Companies?
Business to business actions are only between different companies. There are no customers involved. This could be through a manufacturer, wholesaler, distributor or others such as retailers. Many of these dealings have large monetary payments exchanged for services, products and even information. Most items that are crafted and sold to consumers are first traded through these transactions in some manner. To retain a peaceful relationship, it is important that each organization is treated uniquely and, in many cases, with a contract that specifies the terms of the arrangement. A business lawyer is essential with these initial associations.
Transactions where a relationship is formed or maintained often has the need for contractual agreements. This means that a document must be drafted explaining the terms and obligations of each company. In associations of clients who distribute or manufacture for the business, this often has express clauses about shipping dates and payments. Other statements may include who occurs if the product is late and even what location the items are received. Most expert witnesses work in the field they have knowledge in, and this provides a unique perspective in how to relay this information in a court room.
Business Expert Witnesses
Most average persons are unaware of how businesses operate. This knowledge is even more vague when applied to business to business operations. It is easy to get lost in the processes of distribution, manufacturing, shipping and the paperwork involved in keeping all of these transactions valid and legitimate. There are financials to maintain and many persons included in daily tasks. An expert witness has either worked in this field or has been studying the theory with some practical applications through contacts. The experience in this subject usually is provided by being a part of a business. After classes and theoretical knowledge in the supply chain and flow charts of products and services, these professionals are able to break down the structure to a judge or jury.
Communication between companies is usually complicated to decipher for standard employees. This means that there is a need for translation of emails, chat logs and memos. This provides a meaningful dialogue of changes, alterations to plans and how employers and workers think and interact with each other. The data obtained also delivers to the expert witness a reason why certain actions occur between businesses. This means that if something was missed in a shipping container, it is usually explained in an email or memo. If payment for a product was not received, it may be discovered through transaction communications from one organization to another.
Business Transactions and the Expert Witness
The need for an expert witness is easily observed in the misunderstanding or lack of knowing what business transactions are and what they mean. This could be demonstrated by looking at a database printout of product and client data. When someone that does not grasp the specifics of a business is reviewing the information, he or she usually is unaware of how the numbers and words correlate to actual associations and transactions. The expert witness is able to translate the printout into a meaningful relationship between the company and another that manufactures the product. This makes an expert witness essential in these complicated cases.