As a fashion business owner, how do you ensure your designs are protected? That you are protected legally against any claims or damages third parties may make against you? That no one steals your ideas? This week was all about the legal side of fashion.
Sumaiya De’Mar, SA Fashion Law Director and Advocate highlighted the various agreements fashion entrepreneurs can utilize to protect their business. From non-disclosure agreements, suppliers agreements, manufacturers agreements to privacy policies for online stores.
“Make sure your commerce has a ‘Terms & Conditions’ section to protect yourself legally. This page will protect you when a customer has a complaint.” – SA Fashion Law Advocate and Director Sumaiya De’Mar. #ThreadsBySB
IP rights are an important factor for any fashion company. Not only can it set your business apart from competitors and protect your creations, it can also an important revenue stream once sold or licensed. That’s why we were joined by Intellectual Property Law and Commercial law attorney, Claire Waldeck. Waldeck shared key insights on the use of trademarks, copyrights, patents and intellectual property.
“You cannot protect an idea, you can only protect it once it’s been reduced to material form.” -Intellectual Property Law and Commercial law attorney, Claire Waldeck. #ThreadsBySB
That’s it for week 10 of The Business of Fashion Accelerator Program. Stay tuned to uncover more #BusinessOfFashion insights!
As a bonus, we added an exclusive accounting review session.
Accounting is a critical part of any SME’s functionality. Therefore neglecting bookkeeping for your accounting may have major financial and legal repercussions. That’s why our first guest speaker, Jonathan Turpin, Evergreen Accounting Director, guided our entrepreneurs on establishing accountings best-practices. From maximizing tax efficiency, workmen’s compensation to the ‘must-have’ invoice compliances to legally claim VAT.