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BEWARE: Broader application and increased penalties, do your contracts comply? – Amendments to the Unfair Contracts Terms Regime

There is now less than 5 months until the amendments to the Unfair Contracts Terms (UCT) regime under the Australian Consumer Law (ACL) come into force. On 9 November 2023, the new UCT regime will apply to a significantly broader range of contracts than ever before. Businesses should beware, even if the current regime does not apply, the new UCT may apply. Australian businesses should review and update their standard form contracts to ensure they comply with the new UCT regime to avoid the new significant penalties which can include a substantial pecuniary (monetary) penalty.

Insurance Business: Unfair insurance contracts, what does ASIC need to prove?

In a recent Insurance Business article, Hicksons Insurance Partner Susannah Fricke discusses the Australian Securities and Investments Commission (ASIC) launching first-time proceedings against Auto & General Insurance Company, and HCF Life Insurance Company for alleged unfair contract terms in April 2023.

How to protect yourself against Construction Company insolvencies.

Entering into a contract to build a new home for a fixed price would seem, at least on the surface, to be the easiest and most stress-free way to get yourself a brand-new home...  

Check your standard form contracts: Federal Court nullifies unfair contract terms in landmark small business action

The ACCC has for the first time succeeded in an action that protects small businesses from unfair contract terms in standard form contracts.  In a landmark decision, ACCC v JJ Richards & Sons Pty Ltd, the Federal Court has declared eight terms used by JJ Richards in its standard form contracts unfair and therefore void.

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