Vinay Industries is engaged in a battle to meet end-user requirements for efficiency and cost reduction. This sounds very good on paper, but without looking at the other side of the business, it can be detrimental to business development. In the quest to continuously improve, we need to look out for risk management, including legal advice disclaimers. In the year 1990, Vinay Industries was founded to manufacture Cross-Coupling / U-Joint, which are used at larger piping connections for industries such as aerospace, automotive, chemical, marine, oil and refinery, railways, and thermal power plants. For more than two decades we have been providing various industries with Cross-Coupling / U-Joint components. Legal advice disclaimers become important in today’s competitive world. If a business does not understand the law associated with it, it could fall prey to law or regulations unintentionally. Industries such as construction, manufacturing, automotive, electrical, shipbuilding, civil engineering, mechanical engineering, and structural engineering use cross coupling & U-joint in various applications. These industries can look at the concept of a “disclaimer of legal advice.” The internet has opened doors to a wider audience, including potential competitors, which makes it critical that you have a legal advisor on your team. So, to make this article useful for engineers, the focus is on legal advice disclaimers and how not paying attention to this can hurt business development efforts.
In engineering, it is common to have a cross coupling & U-joint design, manufacture, use, or even sell specific concepts. But the devil is in the details and without a good understanding of the law, a business might end up being sued. For example, A construction company that has been manufacturing cross coupling & U-joint in the area of ocean mining for over 16 years, had its distribution channel sued for similar low-cost units. What left us in shock was that the lawsuit was not against the company itself; given that non-core competitor discovered that distribution channel. Legal liability is a concern for any business, especially if you are involved in design, manufacture, and sale of end-user goods. The litigation process can be a source of serious harm. A poorly developed product, even something as simple as a cross coupling & U-joint can cause severe injuries. The injuries could include losses to physical assets and financial damages. In engineering, liability can remind you of Murphy’s law, however, a product or service that is designed, manufactured, or sold without consideration for legal implications can result in unexpected consequences.
Therefore, the question: How can legal advice protect your business from liabilities? Involvement of legal advisor can help in various ways. Examples are: As with any business, a time comes when you realize that despite the money you have spent on marketing, business development, and resources, sales are not as expected. Though you don’t want to, but it is important to do a little digging to determine why. For all of the reasons outlined above, legal advisors help you expect the unexpected and stay ahead of the game. As a manufacturer, cross coupling & U-joint is the last item that you would expect to hide legal liabilities for. However, the moment you get involved in design and manufacturing, your business could attract liabilities for legal issues you were not expecting.
So how can you incorporate legal advisory into various stages of the product development cycle to reduce business risk? Now that you are aware of how legal advice can help you stay ahead of the competition, here is how Vinay Industries recommends you make the most of it. Without this, Vinay Industries could have ended up with masses of un-sellable Cross Coupling / U-Joint and thousands in debts. Yes, this is an extreme example, but it is worth keeping in mind that success is not always associated with growth. When success occurs, management becomes too complacent and does not take risks seriously. So doing a regular check on what new competitors are doing, what new regulations have come into play, and where your employees’ knowledge stands, can save you considerable amount of money.
Any changes in law could impact the way cross coupling & U-joint is used, imported, manufactured, or exported. For example, restrictions on certain materials, import/export/tariff laws, or labor law violations can put you in a position where your business breaks the laws unintentionally and ends up getting sued or paying fines. Consider the following example of how Vinay Industries saved $3000 in 1 hour. Here is what Vinay Industries did in addition to looking out for tax regulation changes. Look at the steps as a roadmap or a checklist for you to follow. Become aware of risks to your business and take legal advice seriously so that you can grow without the fear of losing everything in a legal case against your business. Furthermore, you need to integrate a legal advisor into every step of the business development processes to avoid such risks.