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ARTICLE · 15 NOVEMBER 2023

Expanded Unfair Contract Terms Regime Has Commenced - Are You Compliant?

K&L Gates
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Following a year's 'grace' to allow businesses to be prepared, changes to the Australian Consumer Law (ACL) and the Australian Securities and Investments Commission Act 2001 (ASIC Act)...

United StatesAntitrust/Competition Law
Ayman Guirguis
Ayman Guirguis
James Gray
James Gray
Thomas Farinelli
Thomas Farinelli

IN BRIEF

Following a year's 'grace' to allow businesses to be prepared, changes to the Australian Consumer Law (ACL) and the Australian Securities and Investments Commission Act 2001 (ASIC Act), which commenced on 9 November 2023 means that Unfair Contract Terms (UCTs) now contravene these legislations.

The changes, significantly expanding the scope of the UCT regimes and introduce the scope for very substantial penalties for contraventions of these provisions (in addition to other remedial orders) - meaning that it is very important for businesses to have their 'house in order' for their contracting environments if businesses use standard form contracts when engaging with third parties.

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