Have you registered for the next free NatRoad webinar about important changes to contract laws on 14 February 2022? It could have major impacts on your business.
Companies have until 9 November 2023 to strip unfair contract terms from their business dealings. New laws make it unlawful for big businesses to ﬁll their standard form contracts with terms likely to exploit the smaller businesses they work with.
This is good news for many of you. Big firms no longer have the ability to unilaterally end or amend an agreement without prior warning to the smaller party.
And for the ﬁrst time, courts will have the power to impose civil penalties on companies clinging to unfair contract terms.
Entering into a standard form consumer or small business contract containing an unfair term will now attract financial penalties, ranging from $50 million for a company or up to $2.5 million for an individual.
You need to Identify whether you use ‘standard form contracts’ and if any of the parties involved is a consumer or small businesses. For any such identified terms, you will need legal advice as to whether they may be unfair and require amendment and roll out new terms and internal processes where necessary.
For the webinar registration link email [email protected]