A set of Terms and Conditions, however good, doesn't last forever. Terms have a 'shelf life' the length of which is determined by external factors - changes in legislation. If, for your example, your Company's Terms & Conditions were never amended to take into account the 2002 Regulations then they are obviously very much out of date.
In the best regulated circles, Terms & Conditions are professionally audited on an annual basis to make sure that they comply with new legislation - and ensure that you can either benefit from that legislation, try to circumvent it, or try to lessen its impact.
This is not an area where you should try to cut down on expenses. In the long term, spending money to get a good set of Terms & Conditions and keeping them up to date is spending to save.
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