As a small or medium business owner, an online DIY contract or template may seem like a quick and cost-effective solution for your business "legals". But using DIY contracts in your business, could be riskier than you think.

Here are just some of the reasons why:

1. One Size Doesn't Fit All

DIY templates are designed to be generic. This is because it is impossible to cover all the different requirements and circumstances of individual businesses and their offerings. So, the DIY template will usually cover broad legal terms in an attempt to cover the key standard conditions.

But each business is unique, with its own services, products, and risks. It is difficult for a template to address such specific and individual needs. A standard template is also not able to protect what matters most to you, because it does not know what that is.

2. Outdated Information Can Be Risky

Online templates can quickly become outdated, especially as laws and regulations change. The terms may also be out of touch with current market and industry expectations.

Your industry, location, and who you are selling to are all important factors that will determine the contract conditions required to protect your business. A template which is not drafted with your business and products or services in mind, can miss essential legal protections and requirements. This can increase the risk of disputes and expose your business to breaches of the law.

3. Complexity Can Lead to Costly Mistakes

Many templates include sections where business owners will need to choose between conditions or input variables.

Without experience or expertise in contracts, it can be hard to decide what to put into your template. It is also easy to misunderstand the consequences of not completing the template properly.

Not filling in or creating template contract correctly is likely to result in gaps and lack of protection in your agreement.

4. Customisation Protects Your Business

A DIY online template will lack customisation which is an important value that a lawyer can add. A customised agreement will:

• Reflect the unique nature and offering of your business' products or services;
• Address industry-specific risks and compliance requirements;
• Provide clarity on key responsibilities and rights; and
• Help reduce the risk of legal disputes.

Even if you have started with a DIY contract, taking this to a lawyer to review, update and customise can save you from a costly dispute down the line.

Need Help with Business Contracts?
At SLB Legal, we specialise in helping businesses create solid, customised legal agreements. Whether you have a template or need a contract built from scratch, SLB Legal is here to help make sure your individual business is protected.

Contact us today for customised legal contracts and advice.