As we move into 2026, many businesses are reviewing their operations and planning for the year ahead. One area that often gets overlooked in this planning process is the contract suite—the collection of standard agreements that underpin your business relationships with customers, suppliers, contractors, and partners.
If your contracts haven’t been reviewed in the last two to three years, there’s a good chance they may no longer adequately protect your interests or reflect current legal requirements. Here’s why 2026 is the ideal time to give your contract suite a comprehensive refresh.
Why Review Your Contracts Now?
1. Legislative Changes
The legal landscape has shifted significantly in recent years. Key changes that may affect your contracts include:
- Unfair contract terms reforms: The unfair contract terms regime now applies to a broader range of small business contracts and includes significant penalties for non-compliance.
- Privacy Act changes: Recent amendments to the Privacy Act 1988 have implications for how personal information is handled under contracts.
- Modern slavery reporting: If your business meets the threshold, your contracts should include appropriate modern slavery provisions.
- Consumer guarantees: The Australian Consumer Law continues to evolve, and your customer-facing agreements need to keep pace.
2. Business Model Evolution
Your business has likely evolved since your contracts were last drafted. Consider whether your agreements still reflect:
- Your current service offerings and pricing structures
- How you actually deliver products or services
- Your current risk appetite and allocation preferences
- Changes in your supply chain or distribution channels
3. Technology and AI Considerations
The rapid advancement of artificial intelligence and technology has created new considerations that many existing contracts don’t address:
- Intellectual property rights in AI-generated content
- Use of AI tools in service delivery
- Data handling and algorithmic decision-making
- Cybersecurity requirements and incident response obligations
Key Contracts to Review
While every business is different, most organisations should consider reviewing the following agreements as part of a 2026 contract refresh:
Customer-Facing Agreements
- Standard terms and conditions of sale or service
- Website terms of use and privacy policies
- Subscription or membership agreements
- Warranty documents and return policies
Supplier and Contractor Agreements
- Standard purchase orders and procurement terms
- Independent contractor agreements
- Confidentiality and non-disclosure agreements
- Service level agreements
Employment Documents
- Employment contracts and offer letters
- Restraint of trade clauses
- Intellectual property assignment agreements
- Workplace policies (which may have contractual effect)
The Contract Review Process
A thorough contract review should include the following steps:
- Audit your existing contracts – Identify all the standard form agreements your business uses and when they were last updated.
- Assess compliance requirements – Review relevant legislative changes and industry developments that may affect your contracts.
- Gather stakeholder input – Consult with your sales, operations, and finance teams to understand how contracts are working in practice.
- Identify pain points – Document any recurring issues or disputes that have arisen under existing agreements.
- Engage legal support – Work with experienced commercial lawyers to update your contracts and ensure they’re fit for purpose.
How Law Quarter Can Help
At Law Quarter, we regularly assist businesses with contract reviews and updates. Our commercial lawyers can help you:
- Review your existing contract suite and identify areas requiring attention
- Draft updated agreements that reflect current law and best practice
- Create new contracts for services or relationships not currently covered
- Develop contract management processes to keep your agreements current
- Provide practical advice on contract negotiation and risk allocation
We offer fixed-fee arrangements for contract review and drafting projects, giving you certainty about costs from the outset.
Contact Law Quarter today to discuss how we can help refresh your contract suite for 2026 and beyond.