4 Major Mistakes by Businessmen, causing huge monetary losses

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• 1. Negligence: They do business without documenting transactions & are therefore left with no evidence when required to prove themselves. E.g. Many cannot prove that they had lent an amount to the other because the transaction is not documented, creating complication.
• 2. Think they do not have legal problems & all is well: More than 70 % court cases arise due to failure to take appropriate legal opinion or action in time, in saving few Rupees. It is like a person avoiding Doctor on suffering from acute Cough and cold and landing up being hospitalised for pneumonia, later or even covid. eg- Mr “A” was advised by his friend to consult a property lawyer to vet the Sale agreement of his office. Mr Shinde thought it unimportant as Builder had already got the agreement drafted and signed it. Builder has now completely violated norms and not even paid Dandekar compensation, alleging further that Dandekar had agreed to it
• 3. Not Taking Legal Opinion: Not taking legal opinion when required or not having a legal advisor for support. E.g. Mr. “B” started a development firm which needed drafting of voluminous Sale Agreements and conveyances daily. Being new, he thought he would carry on by picking the drafts from Google. In one such copied agreement terms for sale were completely different as it was a slum rehabilitation project. The slum dwellers later on refused to vacate getting the project to a standstill
• 4. Not following or implementing expert opinion: Many do not take the action advised by their advisor and land up spending 5x money than required. Though told not to accept post dated cheques the second time, Mr “C” ignored the legal opinion and gave debtor another chance, only to find that again the cheques given by him had bounced calling for fresh notice to be issued and fresh case to be filed.