Posted by Elizabeth Gore-Jones
on 9 November 2023
Many business owners seem to be blissfully unaware of the ticking time bomb which is the Unfair Contract Terms legislation.
The Unfair Contract Terms legislation introduces new penalties if a standard contract is entered into containing unfair contract terms after 9 November 2023.
This is a nationwide law and the penalty could be $50 million.
An unfair contract term can come in a number of forms including the seemingly innocuous “Entire Agreement” clause, restraints of trade and ability to introduce new charges.
If the term causes significant imbalance between the rights and obligations of the parties then it could be an unfair contract term.
Don’t get caught.
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Author:Elizabeth Gore-JonesAbout: Elizabeth specialises in franchising law. She lectures at Bond University PLA in franchising, she sits on the Queensland Law Society Franchising Committee, she is a past member of the Women in Franchising committee and a past member of the Franchise Council of Australia.
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