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By LegalEdge News

Have you got a template for that?


(Or the sexier version)

LET’S USE A PLATFORM instead of pesky expensive advisers!

 

We all use templates. (We have loads of them.) And they’re available online too, some are free. Others are available on easy to use platforms with advice and guidance.  They’re cheap, quick, and easy to use.

But the problem with templates and platforms is that they are not, by their nature, tailored to your requirements or needs. And you often don’t know where the docs have come from or what they’ve been created for. They may well have unknown gaps or weaknesses. And if something does go wrong and they don’t work you’ll have ABSOLUTELY NO COME BACK.

Have you read the website Terms of Use? We have, because that’s what we do. And haven’t yet seen one that stands behind the advice and documents they provide.

“We are not giving legal, tax or financial advice.”

 “Content is for general information only.”

“You must obtain your own professional advice.”

So what’s the point of using them?

When you’re a start-up budgets are tight and the appetite for risk is (needs to be) high.

As your business grows, however, your approach to risk needs to as well. Which means key contracts/ docs need to protect you. Because at the end of the day, they are your insurance policy. You really only need them if something goes wrong. And IF SOMETHING DOES GO WRONG YOU’LL ALMOST CERTAINLY NEED TO RELY ON THEM.

We’re not saying don’t use them at all, just be aware of what you’re using and why. Do a risk assessment / cost benefit analysis of getting things checked by someone who knows what they’re doing and will stand behind their advice (i.e. with professional indemnity insurance!).

Consider the time and cost of sorting out a bad contract later on that doesn’t work or protect you the way you thought it would. Short term, low cost deals/ contracts will likely have a low impact if they’re wrong. BUT Key deals/ contracts will have a high impact. And if you’re fundraising or preparing for an exit, you’ll get a red flag in the due diligence which could slow the deal progress, impact price/value, or even kill it.

If you’re not convinced your contracts/ legal docs/ processes are doing what they should please get in touch. We won’t over-lawyer or reinvent the wheel – we just want to help you to recognise risk and deal with it appropriately.

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