Back in November, RACCA Australia published an article on Business.gov.au providing information on a new law that would be coming into effect in 2016, protecting small businesses from unfair contracts.
Later this month, the ACCC and ASIC will be hosting a webinar on this new law.
The law, which will come into effect from November 12, aims to protect small businesses who enter into a standard form contract valued up to $300,000.
Business.gov.au states that under the new law, a court or tribunal will be able to cancel a contract term it finds unfair. If the court or tribunal does find a contract term unfair, the business won’t be required to meet that term, as the court or tribunal will treat it as if it never existed. A contract term may be unfair if it causes a big imbalance in the rights or obligations of each business, isn’t needed or would cause harm to a small business.
The webinar will cover crucial topics such as: which contracts and terms are covered by the new law, the types of terms that may be unfair and what to do if a contract is received that may have an unfair term.
The webinar is being held on Wednesday March 16 at 7pm (AEDT).