Unfair Contract Term Protections Set for Major Overhaul

Business Law: 19 November 2021

Unfair contract terms have always been on the government's radar via both the Australian Securities and Investments Commission Act 2001 (ASIC Act) and Australian Consumer Law (ACL) and changes being enacted will provide further protection for parties with less bargaining power.

While these unfair terms can be dealt with by the Courts, not everyone has the wherewithal to fight that battle.

Now, Unfair Contract Terms (UCT) will be the subject of possible civil penalty provisions.

There is also an expansion in scope and eligibility thresholds, as well as further clarification around the definition of standard form contracts.

More information is available on Aitken Partners LinkedIn page - https://www.linkedin.com/pulse/times-a-changin-unfair-contract-term-protections-set-/