DUA is an acronym you’ll want to remember. It is good business practice to ensure DUA is applied to all details and transactions in any agreement or use of non-federal inspections. If you are unclear on the details or terms, in the case that something goes wrong during a transaction, you may have agreed to something that might limit your rights. Remember a little DUA goes a long way in preventing unanticipated consequences. Be sure to add DUA protocols to your dealings:
Discussed: Talk through all the details of the transaction with the other party. Take written notes to capture your discussions.
Understood: Be aware of the intended meaning of all the specifics and terms of the transaction. Ask a lot of questions if you are not clear on the meaning of a term.
Agreed: Both parties need to accept the terms of the transaction, any changes, inspections, etc.
You should ensure DUA applies on any and all agreements. It is crucial when there are unusual trade terms or varying trade standards being used. One should be particularly diligent with transactions outside of North America, where term acronyms may mean very different things. Any and all unusual agreements such as private inspections and restrictive contract terms like FOBAF (Acceptance Final) need to be Discussed, Understood & Agreed Upon.
When in doubt, DUA.
For more information please call or email the DRC Help Desk at:
DRC Help Desk | 613-234-0982 | Info@fvdrc.com