Unfair Contract legislation is changing from 10 November 2023

Did you know that from 10 November 2023, more of your customers may come under the unfair contract legislation.

Currently, the legislation around unfair contract terms applies to “standard form contracts’ between your business and consumers and / or businesses employing fewer than 20 people. But for any new standard form contract entered into; or renewed or varied, from 10 November 2023, the unfair contract terms legislation is expanded to cover businesses employing fewer than 100 people, or that have an annual turnover of less than $10 million.

And the definition of a standard form contract changes from 10 November 2023 as well

And given the penalties for non-compliance could be as high as $50 million, it would pay to make sure you have reviewed your contracts to determine if they are “standard form contracts” under the revised rules. If they are, then make any necessary changes to ensure compliance with the unfair contract legislation.

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