Most of us have searched online for templates, for instance for a will, employment agreement or even a divorce settlement agreement. In a recent FIN24 article Alex Townsend, a candidate attorney at Gillan & Veldhuizen, however, warns readers not to be caught out by an out-dated clause or missing information, which can result in horrible consequences.
Townsend mentioned that the standardised approach could lead to the inclusion of irrelevant terms and, more importantly, the creation of loopholes through the omission of important clauses. This could bring costly consequences down the line if disputes arise.
“While it may seem expensive to consult an attorney, professional advice will lessen the possibility of incurring legal fees in the future,” Townsend said.
He pointed out the example of a credit transaction. In these transactions, the correct provisions of the National Credit Act (including its regulations) need to be adhered to in the agreement. If these regulations are not included and adhered to legal consequences might prevail.
Click here to read the FIN 24 article.