New unfair contract terms (UCT) reform is set to take effect in Australia from 9 November 2023, ushering in a pivotal shift in the contracting landscape. The reform aims to bolster consumer and small business protection by curbing UCT, ensuring a fairer playing field for all parties. Once the unfair term reform takes effect, courts will have the power to impose significant monetary penalties on any user of a standard form contract which it determines to be unfair under Australian Consumer Law.
With the deadline fast approaching, businesses are encouraged to familiarise themselves with these changes, carefully review and potentially amend their standard contracts to ensure compliance with the upcoming changes and to avoid the risk of hefty penalties under the Australian Consumer Law (ACL).
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