Clear Signs You Need To Update Your Legal Documents
Written by: Gabrielle Andersen | Insight Team
Happy New Year from Canny Insight!
Now that the pre-Christmas craziness is behind we hope that, like us, you have also had a relaxing and rejuvenating summer back.
Our Canny Insight team is energised and ready to help get your business organised and back on track for a bumper 2025! And what better way to start off the new year than with a good dose of business organisation where it matters most – with your business’s written agreements.
What Legal Documents Are Essential for Businesses?
The following documents are essential for most businesses – and yet these are the ones that we most often find businesses either don’t have, or are relying on old ineffective versions:
- Employment Agreements: Not only for permanent staff but for casual staff to;
- Independent Contractor Agreements: For any workers you contract with, on an irregular basis;
- Services Agreement: These are critical documents for your business if you provide services as they outline all of the important things that matter to your business most, such as your payment terms, pricing of fees and expenses, timeframes, cancellation policies, liability limitations, and important protections of your intellectual property, know-how and business practices to stop other people stealing your business ideas or client-base;
- Terms and Conditions: Even where a full Services Agreement isn’t necessary for your business, you should still have Terms and Conditions in writing. These can be a simple outline across two pages for your clients to sign, or to be included in your quote or invoice. They cover all of the important matters like pricing, payment terms, cancellation policies and clauses to limit your liability and protect your business, but in a shorter form than a Services Agreement;
- Privacy Policies: Business are only just starting to see the importance of these thanks to the wide-ranging data hacks that have occurred in Australia in recent years. Your Privacy Policy should be exhibited on your website and will show anyone engaging with your goods or services that you take their privacy seriously and will only collect, use and disclose any personal information in accordance with Australian Laws;
- Website Terms of Use: To ensure users of your website engage with your service and the website itself correctly and not in a way that endangers your or your business; and
- Shareholders Agreements: If you have formed a company with a friend or a group of people, you should always have a written Shareholders Agreements to protect you and your business partners if any disagreements arise down the track. This is particularly important for business relationship, which may face times of strain given the complexity and stress in running a business together.
Small Business Legal Advice: Why Is It Important to Keep Your Legal Documents Up to Date?
Keeping your legal documents up to date will mitigate risk to your business.
Not only is having your terms and conditions in writing a critical part of ensuring you and your contractors or clients are on the same page, having them updated means you are operating in line with your current legal obligations.
If you don’t have up to date written agreements, you may find that the document that you though will protect you is actually ineffective and barely worth the paper it is written on. We have found this with clients who have come to us with Employment Agreements or Service Agreements that they have pulled from the internet. What looks like a legitimate legal document may actually fail to address the issues you are facing.
While we can’t predict what the future holds, having written documents drafted by a lawyer that perfectly suit your business circumstances, will reduce risk and pressure on your business.
Want to know how Service Agreements can help your business? Check out this previous blog we put together: Insight Close-Up: Service Agreements + Terms and Conditions
Legal Support For Small Business: Signs That Indicate You Need to Update Your Legal Documents?
The biggest warning sign is that you don’t have written agreements in the first place!
Don’t worry, you’re not alone in knowing you probably need to put your contracts in writing but just haven’t got around to it yet. We have to say, this is the most common things we hear from new clients of Canny Insight.
The biggest risks to your business come from your clients, suppliers and workers. So, it is crucial to ensure that you have properly set out your terms and conditions in writing to avoid issues with these three groups arising and jeopardising the business you have worked so hard to build.
The following warning signs are common for many small businesses:
- You don’t have your contracts in writing and rely on handshake deals;
- You experience issues with clients failing to pay on time, or at all for services or goods you have rendered;
- You are involved in frequent disagreements with suppliers or distributors over the terms and conditions of the arrangement between you; and/or
- You have a written agreement that is old and doesn’t reflect your current legal obligations – this is particularly the case for Employment Agreements, Services Agreements or Privacy Policies, as the privacy, consumer and workplace relations laws have undergone significant changes in recent years.
Why Choose Canny Insight for Business Legal Advice?
Canny Insight is a customised legal service that meets the specific needs of your business. If you’re start-up, or gearing up for growth and expansion, we’ll come up with a legal services package aimed specifically aimed at your business needs.
Whether you need terms and conditions legal advice, or your supply and service agreements prepared or reviewed, require specific advice on Australia’s consumer, spam and privacy laws, or internal policy legal advice, our Canny Insight Business Lawyers will provide you with straightforward and reliable advice and contracts.
Canny Insight also stands apart from other law firms in providing packages of legal services that most businesses need. This means you can bundle a few of our services and pay the costs over a 12-month payment plan. This makes our service far more cost-effective for business owners by reducing upfront costs and providing certainty for you in exactly what legal fees you will be paying.
Canny Insight packages can also include on demand business legal advice with certain packages. Our Lawyer-On-Call will be on-hand to review your business and identify its legal and regulatory needs, prepare or review and amend your business agreements and legal documentation, and provide you with ongoing specialised commercial law advice. Take a look at our Package Options, and whether our Lawyer-On-Call service is right for you!
Get in touch with our Canny Insight team today to see how we can help your business.
The content of this article is for general guidance purposes only. Specialist legal advice relevant to your circumstances should be sought if required.
