The $|\Delta S|=1$ $\Lambda N$ interaction, responsible for the decay of hypernuclei, is studied by means of an Effective Field Theory where the long range physics is described by pion and kaon exchange mechanisms, and its short range counterpart is obtained from the most general non-derivative local four-fermion interaction. We show that, including the Lowest Order Parity Conserving contact terms, allows us to reproduce the total decay rates for $^5_\Lambda {\rm He}$, $^{11}_\Lambda {\rm B}$ and $^{12}_\Lambda {\rm C}$ with a reasonable value of ${\hat \chi^2}$, while in order to get a prediction for the Parity Violating (PV) asymmetry compatible with experiments, we have to include the Lowest Order PV contact pieces.