New Financial Year. Old Legal Documents?
Many Australian businesses use the start of a new financial year to review their accounts, insurance, software and business plans. But one area is often overlooked: the legal documents that sit behind the business.
If your contracts, employment documents, client terms or business agreements have not been reviewed for some time, they may no longer reflect how your business actually operates.
A document that worked when the business started may not properly deal with new staff, new contractors, new clients, new premises, new shareholders or new commercial risks.
Before a dispute, unpaid invoice, lease issue, staff problem or sale transaction arises, it is worth checking whether your key legal documents are current, complete and suitable for the way your business operates today.
7 Legal Documents Australian Businesses Should Review
The following documents are commonly used by Australian businesses and can quickly become outdated as the business grows or changes.
Employment Agreements
Employment agreements should clearly record the employee’s role, duties, hours, remuneration, leave, confidentiality obligations, intellectual property obligations and termination arrangements.
If your business has changed roles, introduced new working arrangements or added new responsibilities, old employment documents may no longer be enough.
View Employment Contract PrecedentContractor and Consultancy Agreements
Many businesses rely on consultants, freelancers and contractors. A written agreement helps define the scope of services, payment terms, confidentiality, intellectual property, termination and the nature of the relationship.
This is especially important where the contractor deals with customers, business systems, confidential information or valuable work product.
View Consultancy Agreement TemplateTerms and Conditions of Trade
If your business supplies goods or services, your terms and conditions should deal with pricing, payment, delivery, risk, warranties, overdue accounts, liability and termination.
Clear trading terms can help avoid confusion about what has been agreed and what happens if a customer does not pay or a transaction does not go to plan.
View Terms and Conditions PrecedentCommercial Lease Documents
Lease documents are often signed at busy moments: starting a business, moving premises, renewing a lease or buying a business.
Businesses should carefully review lease terms dealing with rent, options, outgoings, permitted use, assignment, repairs, guarantees and default provisions.
View Commercial Lease AgreementShareholders or Partnership Agreements
Business relationships often start with trust and enthusiasm. But if there is no written agreement, problems can arise when someone wants to exit, sell, retire, stop contributing, raise funds or resolve a dispute.
A shareholders agreement or partnership agreement can help set out decision-making rules, ownership rights, transfer restrictions, funding obligations and dispute processes.
View Shareholders AgreementSale or Purchase of Business Documents
After financial year-end, some business owners begin thinking about selling, buying, restructuring or bringing in a new business partner.
Sale documents should deal with assets, employees, stock, leases, warranties, restraints, completion arrangements and what happens before and after settlement.
View Sale of Business ContractConfidentiality and IP Documents
Businesses often share valuable information before a deal is finalised. This may happen during tenders, contractor arrangements, business sales, collaborations or commercial negotiations.
Confidentiality agreements and intellectual property documents can help protect sensitive information before it is disclosed.
View Confidentiality AgreementWhy This Matters
Legal documents are often only looked at when something goes wrong. By then, the business may already be dealing with a dispute, unpaid invoice, staff issue, lease problem or failed transaction.
A short document review at the start of the financial year can help identify missing, outdated or unsuitable documents before they become expensive problems.
- Are your employment documents still accurate?
- Do your contractor agreements clearly define the relationship?
- Do your terms and conditions deal with payment and liability?
- Do your lease documents reflect the current commercial arrangement?
- Do shareholders or partners have written exit and dispute rules?
- Are confidentiality obligations documented before information is shared?
Download Professionally Drafted Australian Legal Precedents
Precedents Online provides professionally drafted Australian legal precedents in editable Microsoft Word format. Our documents are designed to give lawyers, businesses and commercial operators a practical starting point when preparing commonly used legal documents.
Instead of starting from a blank page, you can download a relevant precedent, review the structure, adapt the wording and tailor the document to suit the transaction or matter.
Related Precedents
New Financial Year. Time to Check Your Legal Documents?
Browse professionally drafted Australian legal precedents in editable Word format and find the document that suits your business, client matter or commercial transaction.
Browse Legal TemplatesThis article is general information only and is not legal advice. Legal documents should be reviewed and adapted to suit the particular circumstances of the business, transaction or matter.