Industry Calendar
Deloitte: Introduction to the new Australian Unfair Contract Terms Treasury Laws Amendment (World Commerce & Contracting)
Thursday, February 16, 2023, 12:00am - 01:00am
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Are your contracts fair?
A rising number of legal, regulatory and social issues are leading to some of the biggest changes to the Australian contracting landscape in over 20 years. Among these changes, is the introduction of the Treasury Laws Amendment (More Competition, Better Prices) Bill 2022 (the Bill), which proposed reforms to the Unfair Contract Term (UCT) regime. The Bill passed both Houses of Parliament and received Royal Assent, and will come into effect on 9 November 2023.
On 27 October 2022, both Houses of Parliament passed reforms to the Treasury Laws Amendment (More Competition, Better Prices) Bill 2022 (the Bill) , which includes the following key changes.
- Prohibition on Unfair Contract terms;
- Significant Penalties (The greater of $50 million; 3 times the value of the benefit obtained from the contract; or 30% of the company’s adjusted turnover during the breach turnover period);
- Court and Regulatory Powers; and
- Expanded scope of protected contracts.