Home Smart 100 2017 One-page legal contracts

One-page legal contracts [SMART 100, 2017]

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This SMART 100 profile and the information it contains is a duplication of content submitted by the applicant during the entry process. As a function of entry, applicants were required to declare that all details are factually correct, do not infringe on another’s intellectual property and are not unlawful, threatening, defamatory, invasive of privacy, obscene, or otherwise objectionable. Some profiles have been edited for reasons of space and clarity.

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1. THE BEGINNING

This innovation initially came to life when…

This innovation came to life after realising that business contracts, even for simple things like confidentiality or consultancy services, tend to be unduly long and complex, and are often incomprehensible for small businesses. We knew it didn’t need to be the case. We set ourselves the goal of reducing long contracts to just one page, and were excited by the challenge. We realised just how much there was in a traditional contract that simply didn’t need to be there. The easier we make it for our clients, the better. As we say, we love ‘cutting the crap out of contracts’.

2. WHAT & HOW

The purpose of this innovation is to…

The purpose of this innovation is to provide SMEs with one-page contract templates that strip out complexity to provide clear, easy-to-use, legally binding contracts for a range of business-as-usual situations, including employment, supply of goods and services, and non-disclosure agreements.

It does this by…

It does this by removing unnecessary ‘legalese’ and so called ‘boilerplate’ clauses from standard contracts, by rewriting contracts using simple, concise and plain English and, most importantly, by focusing on the substance of the contract.

3. PURPOSE & BENEFITS

This innovation improves on what came before because…

This innovation is a significant step forward for SMEs/startups, who typically have limited resources to manage legal issues. They generally don’t have in-house legal counsel, and have to rely on external lawyers for creating and reviewing legal contracts for day-to-day matters – an expensive, time-consuming process. The alternative was that SMEs ‘improvised’ with various, existing contracts to create a mish-mash.

Its various benefits to the customer/end-user include…

The ‘contract-on-a-page’ solution benefits SMEs as they no longer need to engage expensive legal services for a set of standard business contracts. They can rely on Source Legal’s one-page contracts, and focus on growing their business, not on legal processes.

4. COMPETITIVE LANDSCAPE

In the past, this problem was solved by…

In the past there has not been a good solution to the widespread problem faced by SMEs and start-ups needing simple, easy to use and legally binding contracts. Source Legal’s one-page contracts are a new and unique tool that small and medium Australian businesses can start using for immediate benefit. And they are free!

Its predecessors/competitors include…

There are some businesses selling (and a few giving away) standard contract templates, but they are far from being one page in length. We believe when it comes to brevity and simplicity, there are no comparable services in the market.

5. TARGET MARKET

It is made for…

The one-page contract templates are aimed at the startup and SME sectors in Australia, who need simple, legally binding contracts for a range of standard business situations, and who typically don’t have the resources to engage expensive legal services. The templates can equally be used by large businesses, and are appropriate across different industries. The contracts enable businesses to easily put in place employment, and supply of goods and services contracts, and NDAs. Small business is the engine room of the Australian economy, and with the startup sector developing rapidly, it’s critical that unnecessary legal complexity doesn’t hold them back.

It is available for sale through…

Source Legal will make the one-page templates available free of charge via our website www.1pagecontracts.com.au We believe this unique service will be of enormous value to the SME/startup sectors, and underscores our commitment to providing practical, simple legal solutions.

Our marketing strategy is to…

Source Legal wants to own the IP space on ‘one-page contracts’, and as such we are investing in a dedicated website (www.1pagecontracts.com.au). We will also be promoting this unique service via media activity, a LinkedIn campaign and social media amplification. What business doesn’t want a 5-minute, no-lawyer legal contract-on-a-page, for free?

FINE PRINT: This SMART 100 profile and the information it contains is a duplication of content submitted by the applicant during the entry process. As a function of entry, applicants were required to declare that all details are factually correct, do not infringe on another’s intellectual property and are not unlawful, threatening, defamatory, invasive of privacy, obscene, or otherwise objectionable. Some profiles have been edited for reasons of space and clarity.

Maven Judge Vote: One-page legal contracts  – Smart 100 2017
(Please note – The form below is for judging purposes only and is restricted to the public)

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