Since the Australian Consumer Law was amended to include protections for small businesses from unfair contract terms in November 2016, the Australian business community has eagerly awaited the testing of the new regime.
In Australian Competition and Consumer Commission v JJ Richards & Sons Pty Ltd  FCA 1224 the ACCC contended that a number of terms in a standard form contract were “unfair” with regards s 24 of the ACL.
In what circumstances are standard terms binding?
Changes to the Australian Consumer Law (ACL) have impacted the drafting and litigation of contracts. In this context, how binding are standard terms?
Private lenders get a glimpse into the possible future of the small business loan. What is it? And what is the best way forward?
In February 2017, the Australian Small Business and Family Enterprise Ombudsman (ASBFEO) released its report “Inquiry into Small Business Loans” (the Report). The Report targets the laws and practices of authorised deposit taking institutions (Banks) and their small business loan contracts. If implemented, will it also impact private lenders?
Unfair Contract Terms Protections Extended to Small Businesses.
As of November 2016, the Treasury Legislation Amendment (Small Business and Unfair Contract Terms) Act 2015 extended the unfair contract terms protections to cover small businesses. Prior to this only consumers benefited.