Why are customised terms and conditions (“T&C’s”) important for your business?
When starting a business, you may not think that your T&C’s are particularly important or worth receiving professional documents drafted by a lawyer. You may decide to ‘do it yourself’ and use standard templates or another business’ T&C’s as a blueprint for your own.
Beware of the DIY T&C’s
At Morrison Kent, we recommend you avoid the allure of “do it yourself” T&C’s. The authors or users of these documents may not have sought legal advice, or their business may be so different from yours that they are not a suitable model. For example, the T&C’s for a freight company will be vastly different from that of a mobile app.
A lawyer can help by drafting T&C’s that are customised to safeguard and suit the needs of your business. Customised T&C’s can include various terms which help your business run smoothly and effectively. Additionally, well-drafted T&C’s can limit your liability and minimise costs associated with debt collection or further legal action. Specialist business and commercial lawyers at Morrison Kent can also draft clear terms that reduce confusion and the risk of disputes arising from a misunderstanding of the expectations of each party. Clarity is particularly crucial when it comes to the parties’ role and obligations in the arrangement, for example, payment requirements and cooperation.
Another great benefit of customised T&C’s is that it may provide opportunities to increase revenue for your business. As a recent case study, Morrison Kent developed the T&C’s for a client whose company offered several different services to customers. Under the T&C’s, customers subscribed to the services they needed over the course of one year. They paid a monthly fee for the package and had the flexibility to arrange services on an as-needed basis throughout the year. This subscription option has allowed our client to build their customer base, increase revenue and smooth their cash flow. There may be other revenue models we can discuss with you that could work for your business.
For More Information
It would be both prudent and worthwhile engaging a lawyer to draft your T&C’s. If you are in the early stages of your business or would like us to take a look at your business’ current T&C’s, please get in touch with our business and commercial team on +64 4 472 0020 or email firstname.lastname@example.org.