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Thus, it is pivotal to comprehend the pros and cons of using cheques, and, especially, when writing post-dated cheques.
Post-dated cheques can be your best friend or your worst enemy.
Therefore, post-dated cheques have many drawbacks and may be simply outdated.
There are no guarantees of a cheque being honoured therefore, especially in cases of large sums, it would be highly advantageous if a due diligence investigation were to be conducted on the issuing party.
Small and Medium-sized Enterprises (SMEs) often rely on post-dated cheques, thus for a sturdy cash-flow, it is essential that cheques do not bounce.
The example concentrates on conducting B2C research, which is necessary prior to an agreement.
However, it is directly applied in the same manner and perhaps, more importantly, in the case of B2B transactions, due to the fact that they usually involve larger sums with a greater risk potential.
However, due to it being a criminal offence, penalisation of bounced cheques may result in a criminal sentence and, at minimum, detainment along with a fine.
Additionally, some courts may even impose travel bans as a penalty on bounced cheques.