Time to review your small business standard form contracts
13 weeks to go to review your small business standard form contracts….tick tick tick!
Yesterday, ACCC Deputy Chair Dr Michael Schaper warned businesses that the time to review their standard form contracts for unfair contract terms is running out. The new business-to-business unfair contract term laws will commence on 12 November 2016.
In preparation for the introduction of the new laws, the ACCC has engaged in an education and consultation process with a number of sectors including franchising, advertising services, telecommunication services, retail leasing and independent contracting.
The new law will apply when a term in a small business standard form contract:
- causes a significant imbalance in the parties’ rights and obligations
- isn’t reasonably necessary to protect the legitimate interests of the party advantaged by the term, and
- causes financial or other detriment (such as delay) to a small business if it were relied on.
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