Source: Unsplash
There is a seismic shift in the law coming in November for many Australian businesses, affecting both business-to-consumer and business-to-business contracts, and businesses and other organisations that do not prepare for the law change in time will be at risk of massive potential fines.
Adequately addressing the unfair contract terms regime, in light of the new penalties and greater scope of coverage, takes time, and those who haven’t reviewed or revisited their contract templates for compliance should do so urgently.
Higher stakes for unfair contracts
Our team at Maddocks has been monitoring the various decisions on unfair contract terms to assist our clients to address the revised regime, and have become increasingly aware of the huge impact this will have on standard form agreements.
Terms that many would see as quite ordinary, industry standard or otherwise fairly innocuous have been held to be unfair.
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