Why do I need a contract for my business?

Whether you think so or not, contracts are being formed with your customers and suppliers as part of your regular business dealings. Whether it be email communications, text message exchanges  or agreeing to fees over the phone - a contract is being formed. 

The deal struck with your customers and suppliers is crucial to the success of your business. This is why you should not leave it undocumented and open to disagreements. A good business contract can also drastically minimise the risk and cost of disputes. Don't leave it to chance or a 'hand-shake deal'. Use a contract to protect your business. 

Can't I just download a free or paid contract template?

You could. But in doing so you could put your business at risk with unsuitable, uncertain and possibly unenforceable contract terms.

Free templates are often filled with generic terms and will usually require some contract or legal knowledge to complete. On top of this, generic terms are unlikely to provide the protection you need for your individual business transactions and could even be out of date.

Even up to date purchased template contracts are unlikely to address your businesses specific and unique requirements, without any further customisation or changes to the conditions. A standard cookie-cutter style agreement will not cater for unique products or services, industry requirements or non-standard sale or service delivery processes. In may cases a customised contract is the way to go. This is especially when the contract involves the supply or sale of your businesses products or services.

Can't I just use ChatGPT to draft a contract?

Use of ChatGPT to create a custom agreement, without any verification is also dangerous. The output of ChatGPT depends on the input. It will draft something based on the information you provide. This means, if the information you put in is incorrect or incomplete, the contract created will also contain conditions that are incorrect or incomplete. Despite the input ChatGPT can also 'hallucinate' and provide you with the wrong conditions for you contract. It is also unable to draw on experiences or opinions like an experienced lawyer can.

Most small or medium business owners are unlikely to know if the contract ChatGPT creates is correct, legal or missing vital clauses. A poorly drafted or unclear contract can be just as costly as having no contract. If the contract is uncertain or unfavorable to your business, your business will be left in a vulnerable position in a dispute. That is why it is important to involve a lawyer when you are creating, reviewing or negotiating a contract for your business. 

How do I know if SLB Legal can help me?

If you are a small or medium business owner with a contract or legal issue, chances are we can help. However to make sure of this, we provide a free 15-minute confidential discovery call. During this call we will briefly discuss and provide advice about the possible contract or legal needs for your small or medium business. If SLB Legal is the right fit for your business, we will then send you a fee estimate for the proposed work. 

How much does it cost?

Following an initial free 15-minute discovery call to determine your legal or contracting requirements, we will send you an estimate of fees. This generally involves a fixed fee for a follow-up deep-dive meeting plus a fee for the contracting or legal work you requested. We will try to provide fixed fees wherever possible as we don't want you to be worrying about uncertain costs. You don't have to pay anything until you receive and agree to our fee estimate. Once you agree to the proposed fees, we start work or schedule our next meeting with you. 

Do you have more questions? Contact us today and book a free 15-minute initial consultation call.