Why you need to review and update your terms and conditions

Why do I need terms and conditions (T&Cs)?

It’s simple – If you do not have T&Cs in place, you are putting your business at risk. They play a vital role when it comes to parties understanding their duties, rights, roles and responsibilities to one another.

Why update my T&Cs?

Although they are drafted specifically for a particular business, one size will not always fit all.
In an ever changing economic and regulatory world, what might work today may not work tomorrow and, given the introductions of new rules and regulations (such as GDPR and Brexit), a business has to be flexible. So its T&Cs need to evolve alongside those economic and regulatory challenges.
The internet has revolutionised the way businesses operate globally and with the click of a button, a legally enforceable contract can be created. Your T&Cs need to reflect the way you do business, whether this is online or not.

How often should I review my T&Cs?

Reviewing them every day would be overkill, but reviewing them on a regular (perhaps quarterly) basis will ensure that your business is up-to-date and keeps pace with changes in regulatory and economic environments. This will ensure that you review your market risks and limits your business’s exposure accordingly.

What are the main benefits of reviewing and updating T&Cs?

By regularly reviewing and updating where relevant, your business will:

• Comply with new laws and regulation;
• Minimise and manage any dispute with customers (as your T&Cs will provide for methods to mitigate litigation);
• Protect its intellectual property;
• Limit its liability and reputational risk; and
• Create certainty between its customers.

What might happen if I do not regularly review and update them?

In the absence of T&Cs, a business runs a potential legal, financial and operational risk and this may negatively impact your clients. T&Cs help set expectations, instil confidence and create certainty between your business and its customers.

Can HCR help me with my T&Cs?

Certainly – we specialise in identifying those issues that you may not have previously considered. We work across a range of commercial sectors and ensure that we understand your business and its challenges. We always tailor our advice specifically to overcoming those challenges and manage your risks accordingly. For help and advice, please contact Daniel De Saulles at [email protected].