Reducing Risk
Many people make the mistake of entering into agreements without first seeking legal advice. This saves them legal costs in the short term, but can lead to problems and a greater exposure to risk in the long term.
The involvement of solicitors in the drafting of agreements can prevent problems such as small oversights in wording, or uncertainty caused by the use of ambiguous terms.
Recently, with the introduction of GST in Australia, many companies have run into problems through failing to include a GST clause in their contracts. If a supplier does not account for GST, the customer has no obligation to pay the amount required for this tax. If the supplier has a small profit margin, this can be a significant loss and can cause serious problems for the wellbeing of their business.
Seeking legal advice before drafting any official agreements can prevent these problems or similar occurrences. Legal advice can also be helpful for personal transactions, as well as business-related dealings. If a problem does occur, seeking legal advice as quickly as possible can help to reduce this problem significantly, resulting in a faster solution that should prove satisfactory for both parties involved.
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