Working with counterparties: why check them and how to do it
Let's imagine that you work in the marketing department and you were asked to order gifts for partners. In order to purchase goods, you need to find a contractor and draw up a certain list of documents. In the contract, you will come across the term "counterparty", and when agreeing with the accountant, you will learn about "counterparty verification". In this article, we will figure out who the counterparties are, why they need to be verified and how to do it.What does the term "counterparty" mean?
A counterparty is a supplier or buyer of goods and services. For example, a travel agency ordered office supplies or a company asked a holiday agency to organize a corporate event. In the first and social media marketing service second cases, the companies providing services will be considered counterparties. Most often, this concept is used in relation to private entrepreneurs and legal entities.
Why is it necessary to check counterparties?
There are two main reasons why it is necessary to check each supplier on special sites.
The first is to protect the company from unscrupulous counterparties. The supplier may violate the terms of the contract: fail to provide the goods, deliver the order later than the appointed time, provide poor quality services. With the help of an audit, you can find out that the company has already violated contracts in the past, and not lose money and time.
The second is to avoid blocking the current account. According to Federal Law No. 115, banks can block the account of a company that is suspected of having connections with unreliable counterparties. Therefore, all suppliers must be constantly checked before concluding a contract.
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On which websites can you find information about a counterparty?
There are both free websites that post information about the contractor, and paid services that independently check the supplier and provide a detailed report.
Free government portals for checking contractors:
EGRUL/EGRIP - you will find out the full names of the founders and the address of the company, the presence of a license or the liquidation process, information on legal succession and other important information.
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