DOCUMENTS YOUR BUSINESS NEEDS

Essential business documents: what do you need and when?

Whatever your business does, you’re likely to have some contracts with suppliers, business partners and/or customers. You may also have, or need, Terms & Conditions, Terms of Use and/or website documentation like a Privacy Policy.

These contracts and documents range from the unimportant to the downright essential, but each represents a benefit and risk to your business.

Many businesses often neglect the importance of getting properly drafted commercial contracts in place to save time and costs, especially at early stages. What they often don’t realise is that they are leaving themselves legally and commercially exposed.

For example, a supplier may not be prohibited from supplying goods to a key competitor, putting your business at risk. Or an important customer may be able to terminate an agreement at very short notice leaving you as the supplier with a load of goods you have nowhere to store or sell.

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Whatever your business, there’s usually at least a few documents that you really want to get right:

  • The contract for the sale or supply of your goods or services.
  • Contracts for the purchase of goods.
  • Services from a supplier.
  • Your website documentation (e.g. terms of use and privacy policy).

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If your business is based around winning supply or service contracts, make sure your contracts are well drafted. If you run a website which sells goods to individual consumers, make sure your terms and conditions of sale are watertight. It all sounds so obvious, but plenty of businesses cut corners and end up wishing they hadn’t!

A small amount of expenditure on a specialist commercial lawyer at the beginning to put together some well drafted documents is often all it takes to protect against potentially costly liabilities that could otherwise arise down the line.


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ADAM
DIRECTOR
WEST MIDLANDS

Adam is a director with 14 years' experience. As a business owner himself, Adam is able to advise a range of clients, from entrepreneurs to large private companies, on any aspect of corporate or commercial law.

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LUCY
SENIOR ASSOCIATE
NORTH EAST

Lucy is a member of the Commercial Team with a particular expertise in the technology and manufacturing sectors. From a technology perspective, Lucy spent a number of years at Sage UK. From a manufacturing perspective, Lucy has a wealth of experience gained from supporting blue-chip clients in the rail sector.

Tom Woodward
MORGAN
CONSULTANT SOLICITOR
SOUTH WEST

Morgan has extensive experience advising businesses on company and commercial law. His practice includes advising on acquisitions and disposals, capital raising, commercial contracts, partnership matters, outsourcing, shareholder & joint ventures agreements and general company law matters.

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