New unfair contract terms regime

The new unfair contract terms (UCT) provisions of the Fair Trading Act will come into force on Tuesday, 17 March 2015. They will apply to standard form consumer contracts entered into on or after that date and to existing standard form consumer contracts (except insurance contracts) that are renewed or varied on or after 17 March 2015.

The Commerce Commission has published its final Unfair Contract Terms Guidelines, which set out its intended approach to enforcing the new UCT provisions. The Commission is also currently developing a fact sheet for consumers that will enable them to identify unfair contract terms. The fact sheet will be released in the near future.

Link: Chapman Tripp commentary – unfair contract terms