According to the FPB, some companies choose to cut costs on their legal help by avoiding lawyers when putting contracts together, which can lead to disputes further down the line.

In response to this, the FPB has joined forces with Legal365.com to make available a range of binding contracts and other documents online.

As well as being available on demand, the documents are updated in line with legislative changes.

The service is being provided as part of the Forum’s Legal Director business support solution and several of the documents can be used free of charge.

Intermediate-level members of the Forum are eligible for discounts of 10% and advanced members 20%.

FPB chief executive Phil Orford said: "It’s all too common for small-business owners to agree deals without any sort of written contract.

"The forthcoming deregulation of legal services means there will be significantly more affordable alternatives to using legal firms to gain the peace of mind that comes with drawing up proper contracts."

Ajaz Ahmed, who formed Legal365.com, added: "The legal industry is changing. Suddenly, there is real competition for services and a greater choice of providers for business owners, and technology is at the forefront of this change.

"The legal sector has been slow to embrace technology and we are at the forefront of technological development."