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Legal warning for broker templates

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Australian Broker | 19 May 2014, 08:39 AM Agree 0
Brokers are being warned to be careful before using templates for contracts and other legal documents
  • not so old broker | 21 May 2014, 09:59 AM Agree 0
    That's really interesting because most law firms use templates to draw up contracts (and other documents) for their clients. Kettle calling the pot black?
  • Lets think about this | 21 May 2014, 01:45 PM Agree 0
    not so old broker,
    I think you are missing the point here. The FBAA and Ms McVay should be applauded for finally taking an educated stance on this. If you read what Ms McVay has written and I quote " Templates are only tools. They act as a guide and often provide a structure for what might be appropriate in some transactions but often do not deal with all the things that may be needed in that transaction,” It states quite clearly that ANY template is a structure document that needs to be filled with the relevant information to that persons business. So yes lawyers use templates but they fill them in to suit their clients needs as to brokers should behaving templates designed to their specific business needs!
    I have already seen brokers caught out for not having the relevant or correct information on templates that they have used from aggregators or banks and I don't plan to be one of them now that I have learnt about all of this.
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