A small to medium enterprise or SME in Australia must have access to specific, fundamental types of legal advice. The failure to obtain this advice can result in a SME ending up facing significant and costly legal problems.
For small and even some medium-sized businesses, having to pay indemnification worth a few hundred thousand dollars almost always leads to instant insolvency, followed by bankruptcy and ultimately, termination.
Many business people don’t bother working with a lawyer when entering into important contracts, and end up agreeing to terms which eventually cause long terms issues, both from a client relationship and monetary perspective.
An unfortunate reality is that many businesspeople draft important legal documents themselves, using a template from a previous job or simply a free template they’ve discovered on a random website.
Have you completed your proper due diligence on your business contracts? It’s crucial to plug the holes in your business contracts before you find yourself sinking.
Employment contracts are common practice and serve as a written agreement between employer and employee. Surprisingly, many employers still engage employees without any finalised terms of employment.
Legal action—whether warranted or not—is a very real risk to businesses, including SMEs. Even if people do not have an honest claim to make against you, the cost of legal assistance to prove your innocence can be devastating to your business. Also, the toll it takes on your time and emotions can seriously hurt your business and personal time.
Australia’s one million independent contractors now have access to a free handbook from the Government to help ‘get the contract right’ at the start and avoid headaches down the track.
There’s no denying that the tender market in Australia presents significant opportunities to secure new business and grow operations. But in an industry that is fiercely competitive, many businesses find succeeding through the tender process extremely difficult.
With the first anniversary of Corporations Amendment Act (2009) just around the corner, employers are being encouraged to review their executive employment contracts.
