Don’t be a backyard lawyer! Professionally trained and educated experienced lawyers to understand the law much better than you, your business partner, or best friend no matter what movies they may have seen or personal experiences they may have had.
Even your moral compass and your ability to reason logically has no input, it really doesn’t matter. It is the lawyers who know the law!
Quite often we see small business owners who think they are in the right over an issue when the reality is they are in way over their head.
If you write a contract on a scrap piece of paper on the back of a serviette in a café, chances are this will not stand up in a court of law.
Neither will handshake or verbal agreements. Be aware – trust no one. There are many, many different types of contracts that will need to be professionally drafted by lawyers to protect your small business as it grows. Here are a few to consider:
If your business provides a service then you need an iron-clad client contract. You must outline the specific detailed services that you are providing, if necessary an expected start and completion date, the fees you will charge, and how and when you expect to be paid.
Having a detailed client contract which sets out exactly what the client will receive and when can help avoid disputes between you and your clients and of course, in the long run, save you plenty of time and money.
If your business is involved in selling goods then you should have sales contracts that can be signed by your customers. You should also have a set of online sales Terms and Conditions which can be viewed on your sales website.
If you employ any staff whatsoever you will need an employment contract.