IN BRIEF
In a major shift for Australian business, legislation will come
into effect on 12 November 2016, which will change the way small
businesses can negotiate and contract with other businesses.
As we wrote about it in a
previous newsletter, don't get caught out by the new
legislation.
Generally, the law does not intervene when two business
entities, regardless of their size, enter into a contract. However,
following the passing of the Treasury Legislation Amendment
(Small Business and Unfair Contract Terms) Act 2015, the
Australian Consumer Law (located in Schedule 2 of the
Competition and Consumer Act 2010) will be amended to
introduce protection against unfair contract terms where one party
is a small business.
