Posted by Elizabeth Gore-Jones
on 11 August 2023
If you needed another reason to review your contract term then the ACCC have just given you one.
The ACCC have announced that its key compliance and enforcement priorities for the 2023 – 24 financial year will include unfair contract terms in business contracts.
This is of no surprise with the new unfair contract terms legislation coming into effect on 9 November 2023.
It does serve as a warning to all business owners who enter into standard form contracts tha...
Posted by Elizabeth Gore-Jones
on 9 August 2023
We previously examined the types of contract which are not allowed to contain an unfair contract term.
If you enter into those kinds of contracts then you need to remove unfair contract terms to avoid penalties of around $50 million.
Some examples of unfair contract terms are as follows:
1. Allows one party to avoid or limit performance of the contract;
2. Allows one party, but not the other party to terminate the contract;
3. &nbs...
Posted by Elizabeth Gore-Jones
on 2 August 2023
The law around contracts will change on 9 November 2023 introducing large penalties of $50 million or more if you enter into a standard form contract which contains unfair contract terms.
Use the following checklist to determine if this could apply to your contracts:
1. Do you have the bargaining power relating to the transaction?
2. Have you made another contract in similar terms and if so how many?
3. Was the contract prepared by you before any discussion occurred betw...
