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Thought and Function is a pioneering venture builder partnering with companies to build tech companies. It is focused on tech development including designing, building, and managing digital products for some of the largest UK companies as well as exciting start-up businesses. The company's expertise spans the entire product lifecycle, ensuring innovative solutions and seamless user experiences for their diverse clientele.
Add.Law was initially approached to update and upscale Thought and Function’s engagement contract. The objective was to provide the business with appropriate levels of protection for the lengthy and complicated projects they undertake. The revised contracts ensured comprehensive coverage of potential risks and clear terms for deliverables, timelines, and responsibilities, providing Thought and Function with a robust legal framework to support their operations.
Recently, Thought and Function faced a payment dispute with a client. As Add.Law is not incentivised on a time basis the team focused on delivering solutions ensuring the dispute was managed quickly and successfully. Following this, Add.Law advised on restructuring documentation to minimise future payment issues. Add.Law's guidance involved revising payment terms, clarifying invoicing procedures, and implementing stronger enforcement clauses to ensure timely payments.
Thought and Function continue to benefit from the Add.Law’s commercial awareness and a strong understanding of the working capital cycle in managing and mitigating financial risks. By addressing these aspects, Thought and Function have maintained healthy cash flow, ensured project continuity, and fostered better client relationships. Add.Law’s proactive approach to legal documentation and financial management has positioned Thought and Function to handle complex projects with greater confidence and security.
