You need: 

You need: 

• to use pen and sign on paper
• You need a witness in the state of Victoria (so for best practice, include a witness signature block)
• Witness needs to be over 18 and not a party to the deed.
• use "signed, sealed and delivered" above the signature block 

You don't need: 

• to use pen, you can e-sign 
• A witness - they are optional

You don't need:

• Consideration. You don't need any money to change hands to use a deed. 

Advantages: 

• easy to e-sign
• no witness needed

Advantages:

• you don't need consideration (money to change hands)
• you have a longer time period to enforce a deed - 12 years in all states except SA and VIC which allow 15 years

Disadvantages:

• You have 6 years to enforce an agreement
• can't use them for initial discussions when money has not changed hands.

Disadvantages: 

• Pen and paper are needed, no e-signatures allowed

Consideration 

• there's offer, acceptance and consideration
• You are giving the agreement to someone that you will pay or someone that will pay you e.g. employee, supplier, consultant

No consideration 

• there's no consideration (no money changing hands) e.g. prospective collaborator, business partner.  
• You are still investigating if the party will be a good fit so money has not changed hands yet. e.g. discussing a confidential business idea.

E-signing is important

• If e-signatures are important, use the agreement, otherwise if not, use a deed because you'll have a longer enforcement period.

E-signing is not important

• If you don't have any trouble getting pen signatures on paper, you can use the deed.

Enforcement: 

• not a substantial investment, you can accept a 6 year enforcement period 

Enforcement

• There's a substantial investment involved and you need a longer time period to enforce your agreement - the deed allows you 12 years in all states except SA and VIC which allow 15 years

Disadvantages:

• You have 6 years to enforce an agreement
• can't use them for initial discussions when money has not changed hands.

Disadvantages: 

• Pen and paper are needed, no e-signatures allowed and this is ok with you.