After almost 20 years practising in commercial law, one of the most common things we hear from clients is: “We’ve already got a contract for that”. 

Sometimes, they do have a contract for that, which was drafted properly at a point in time, and then reused for years with minimal or no updating. 

For a long time, that approach was relatively safe. The law moved slowly and a well-drafted precedent could last a decade. Over the past two years, however, the pace of legislative change has altered that landscape in ways that directly affect standard form documents. At the Commonwealth level, amendments to the unfair contract terms regime under the Australian Consumer Law, which commenced in November 2023, now make it unlawful to include unfair terms in standard form contracts, with significant civil penalties applying. Previously, such clauses were merely unenforceable if challenged. Now, risk arises simply from having them in the template.

In Queensland, reforms such as the Information Privacy and Other Legislation Amendment Act 2023 introduce strengthened privacy obligations and a mandatory data-breach notification scheme commencing in 2025. These changes extend compliance expectations into everyday commercial arrangements, particularly where businesses collect, store or share personal information. More broadly, the ongoing rollout of the Property Law Act 2023 signals a modernisation of long-standing legal concepts and greater emphasis on transparency and disclosure in transactions.

What we often see in practice is “document drift” in that clients start with a sound agreement, but over time add clauses borrowed from other contracts or found online. Years later, the document is a patchwork that has never been tested against current law.

Unlike accounting systems or insurance cover, legal precedents rarely get reviewed on a cycle. Yet they sit at the centre of nearly every transaction and quietly allocate risk across the business.

In today’s environment, precedents should be treated as living documents, with a review every two to three years, and particularly following legislative change is recommended to ensure templates remain compliant and aligned with how the business actually operates.

A short review now is far easier than dealing with the consequences of outdated drafting later. 

If you would like us to review your existing agreements or discuss whether your current documents remain fit for purpose, the team at Stone Group Lawyers would be pleased to assist. A targeted review can often be undertaken quickly and provides practical assurance that your contracts reflect current law and support your business objectives.