Many small or medium business owners do not know where to start when it comes to contracts and legal documents for their business.

Below is a list of five common and often essential contracts used by small or medium businesses which may help:

1. Product and/or Service Supply Contracts: These contracts contain the terms and conditions that are essential to the sale or supply of a business's products or services. They are key to:

• reducing and minimising the impact of disputes with customer or clients; and
• helping a business get paid by customers or clients.

Because of this, these contracts are often customised by a lawyer to fit a business's unique service offering and requirements.

2. Website Terms: If a business has a website, it is important for the business website to also include website terms of use. These terms will include a set the rules about what a website visitor can and cannot do. The terms should also provide rules and conditions to protect the content posted on the website.

If a business is selling products or services via the website, the website terms may also include e-commerce terms and conditions to cover the online purchases.

3. Privacy Policy: A privacy policy is generally required if a business or its website collects personal information from customers (including potential customers) or website visitors. 

Most business will have a privacy policy regardless of whether the business technically is required to have one under the privacy law. A privacy policy will cover the type of information a business collects, how the information will be used and how the information will be stored. 

4. Employment Contracts: If a small or medium business has staff members, it should also have employment contracts. These contracts will set out the conditions of employment and define the employment relationship.

Employment Contracts must comply with employment laws. This includes the Fair Work Act 2009 (Cth) which sets the minimum employment standards and protections for employees. Having a lawyer prepare and review your employment contracts, even if you only have a few staff members, is recommended because employment law is complex and often changing. 

5. Supplier/Vendor Agreements: Chances are that a business's services or products or internal operations will require some kind of supply from outside vendors. Written and signed Supplier or Vendor Agreements are key to the management of relationships with outside suppliers or vendors of a business. Understanding your business's vendor terms and negotiating conditions which are favourable to your business can help you manage risks in relation to supply chain or business operation interruption. 

The above list is of course not exhaustive and may not apply to every business. The right contract for your business, depends on the type of business you are running as well as your individual business circumstances.

SLB Legal specialises in helping small and medium business's create and navigate the many contracts required to protect a business from risk of dispute and liabilities. If you need help with the ‘legals' for your small or medium business, click here to book a free 15-miniute call with us today.