News Category - Commercial Law Advice 10 January 2019

The Australian Small Business and Family Enterprise Ombudsman recently released a report after completing phase 1 of their two-part enquiry into access to justice for small business. In their research, after surveying more than 1,600 small businesses, they found that the average cost to resolve a dispute through the legal justice system was over $130,000.

The most common type of disputes small businesses are experiencing includes:

  • Arguments over when payments are due, and
  • The terms under which payments are to be made.

For small business owners, the report highlights the importance of carefully drafted contracts that sets out the exact intentions of all parties in an agreement. Being clear on payment terms, due dates and the obligations of all parties can make a huge difference; and ultimately save you time and money in the long run if a dispute should arise.

At Kenny Spring we believe in the importance of taking a proactive approach to protecting our clients from any unnecessary losses. If you are running a small or medium sized business, we recommend contacting our expert Business Law team who will help make sure your business is protected against potentially costly and time consuming disputes.

We are also offering free Business Legal Health Checks in 2019 which are a great place to start. Give our expert team a call to book your free Business Legal Health Check on 1800 650 656.  We’re here to help.

Michael McGill | Solicitor