Is your standard form contract bullet proof - from unfair terms?

Are you a franchisor? ...or a financial services provider with authorised representatives? ...or a credit provider? ...or a service provider? Do you have a standard form contract that you wheel out when you take on board a new business partner or customer?

A change is nigh. On 12th November 2016, new laws will commence to protect small businesses from unfair terms in standard form contracts. This extends the protections which currently cover consumers.

If your new business partner or customer employs less than 20 people, and the up-front payment under the contract is less than $300,000, or the payments to you under the contract over 12 months are less than $1 million, your standard form contract (or a variation of an existing contract) entered into after that date must comply with the new laws.