The ministers were concerned but said these issues are only anecdotal at this point.
They said they were now investigating the issue further and are calling for public submissions.
Nash said the Government wanted to build a more productive, sustainable and inclusive economy, but it won't get there with these types of practices in the marketplace.
"If there is a need for a law change, then we want to ensure that any changes are proportional to the problem."
At the moment, the Fair Trading Act prevents unfair commercial practices.
Despite this, the discussion document said businesses were still reporting issues.
The Ministry of Business, Innovation and Employment (MBIE) reported 45 per cent of businesses recently surveyed felt they had been offered unfair contract terms in the past year.
Some 47 per cent felt that they had otherwise been treated unfairly, according to the same survey.
"Unfair commercial practices can cause significant stress for consumers, in some cases leading to financial difficulty, while the consequences for businesses include cash flow issues, increased costs and stress," Faafoi said.
"Small businesses can face significant cash flow issues as a result of other businesses not paying them on time as per contract terms. This has flow-on effects for other parts of the economy, especially for the families and communities these businesses support," Nash said.
MBIE seeks written submissions which close at 9am on Monday, February 25 2019.