Who will this affect?
- All businesses that use standard form, non-negotiated contracts
- All businesses that transact with consumers
Following on from our e-alert of 23 March 2010, please note that the date this legislation has been proclaimed to commence is 1 July 2010, not 1 January 2011.
Standard form consumer contracts for financial products and services will be affected, along with all other standard form consumer contracts.
All such contracts entered into on or after 1 July 2010 will be affected, as well as existing contracts that are varied or renewed on or after that date.
On 1 June 2010 the ACCC published "A guide to the new unfair contract terms law".
To ensure compliance with the regime, businesses should urgently review the ACCC guide and their standard form consumer contracts before the end of this month.
The balance of the new Australian Consumer Law reform, which is contained in legislation that is currently before Parliament, is still expected to commence on 1 January 2011.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.