Bancstac

In a world that is relentlessly fascinated with all things chic and new, it’s easy to get swept into the current of e-commerce. The promise of stylish clothing, affordable prices, and the ability to browse the latest fashions from the comfort of your couch or on the smartphone in your pocket is alluring. As an emerging e-commerce brand, Bancstac has found their place riding that crest. This hip, savvy women’s clothing line offers a fashionable mélange of styles featuring the always-beloved tunic, the stunning wrap top, and the modern, ever-ready button down shirts all guaranteed to turn heads and keep the compliments coming. Stylish, fun, and oh so now, Bancstac’s current status as an emerging e-commerce brand, a hope for bigger and bolder things in the very near future, has people flocking to their site faster than they can get their latest designs up on the site.

But, while a new e-commerce brand like Bancstac may be at the cusp of something big, they must also be thinking about not only the here and now but also who might be stalking them from behind the pages of fashion’s hottest page-turner-the courtroom. While it’s easy to get lost in the glamorous art of providing fashion to the masses, e-commerce businesses may often find themselves blindsided by the reality of potential liabilities. A crucial step to take in order to protect their assets is putting a legal agreement in place.

A hold harmless agreement, as set forth by New York law, is “any agreement that one party makes to eliminate or mitigate the liability of the other party for any potential results of the negligent acts or omissions of the other party.” In simpler terms, as noted by IJam World, “a hold harmless agreement will provide that, should one party be sued, the other agrees to bear that loss and will not seek indemnity from the other party.” While often thought to apply in the context of physical risk, such as a sports event or concert, this type of legal protection can also be very important to businesses engaged in e-commerce.

While the nature of Bancstac’s business may not have them worried about any physical injuries occurring during the course of a transaction, the potential exists that they may find themselves exposed to other risks. A seller may have shipped back a defective item, causing injury to the buyer; a company may send out promotional emails that the customer claims that he or she never opened; shipment of the wrong item to a customer; a customer may claim to have been subjected to offensive material contained on Bancstac’s website – and the list goes on. Any number of events could occur that could potentially put Bancstac in hot water, resulting in a lawsuit that could prove to be costly. A hold harmless agreement can help mitigate that exposure. While the primary goal of a hold harmless agreement is to provide some legal protection to the individual or business named in the agreement, there may be an additional benefit. Ultimately, it can act as an additional way to build the credibility of Bancstac. Their customers will know that they take the potential risks of e-commerce very seriously, and this can provide reassurance that Bancstac is committed to protecting its consumers.

Obtaining a hold harmless agreement for a small business is surprisingly easy. The best course of action is to engage a commercial real estate attorney, preferably one who understands the unique challenges faced by small businesses. The attorney will then be able to help determine the specific elements you need in your particular hold harmless agreement. One size does not fit all for commercial agreements, and working with an experienced legal practitioner can help ensure that you walk away with the help you need. For New York, there are no specific state requirements that must be met to finalize this type of agreement.

The benefits of holding a hold harmless agreement are clear. You protect yourself from damages that you should not be responsible for, and also potentially set yourself up for business opportunities as a result of your strong reputation amongst consumers and other businesses. So, what does the non-brick-and-mortar see for the future? Growth, perhaps a storefront to call its own, and the confidence that it is legally sound no matter where it decides to go next.