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Your Business Terms Of Service
Starting A New Business
Have you just started your entrepreneurial adventure? You’ve likely done some research and found that there’s a gap in the market for your expertise. Many businesses have to deal with heavy and sometimes aggressive competition. But even if there’s no competition at all because your services are very specific, you need to take precautions. You’re in business and as such, you have to formalise your relationship with suppliers and clients. Terms of service will serve as a protection for your business.
Drafting Your Own Terms Of Service
One mistake business owners and self-employed professionals make, is draft their own legal documents. It’s easy! All you need to do is Google search for a template. As impressive as it may be, having the capacity to draft your business terms of service, it’s still a mistake. Terms of service is a legal document. You need to leave legal documents in the capable hands of a legal expert.
Business Protection
Looking at the different aspects of your business, a lawyer can help you identify areas that need to be covered by terms of service. Your expertise is with the services you provide. Our expertise is with business law. Here are some pitfalls you’ll encounter, if you choose to draft your own legal documents:
- Court judgements
- Liability
- Financial loss
- Poor reputation
- Miscalculations
- Insolvency
- Bankruptcy
So if you’re thinking of drafting your own terms of service, think twice.
Comprehensive Legal Document
Your terms of service need to be very comprehensive. They will cover aspects of your business that affect your clients and suppliers. It will also give your clients confidence that their dealing with a professional. Rates and late payment fees will make up an important aspect of the document. Confidentiality and policy privacy will also be included in the document. So unless you’re up to date with things like GDPR, you won’t be able to cover this in documents you’ve drafted.
If you’re a small business, no matter how small, get in touch with one of our business lawyers. We’d like to hear from you and discuss ways in which you can protect your business. SG
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