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Reforms to the unfair contract terms regime passed: what businesses should do now

Content updates

On 27 October 2022, the proposed reforms to the unfair contract terms regime were passed by both Houses of Parliament. The reforms set out in Schedule 2 to the Treasury Laws Amendment (More Competition, Better Prices) Bill 2022 (Cth) strengthen protections for consumers and small businesses relating to unfair contract terms in standard form contracts, in particular by prohibiting the use of unfair contract terms and introducing significant civil pecuniary penalties. The Legal update, Reforms to the unfair contract terms regime passed: what businesses should do now provides an overview of the key changes and practical tips for what businesses can do now to ensure compliance with the reforms.

By Practical Law Commercial Team

Practical Law Australia’s expert legal writers have practical expertise gained from some of the country's leading law firms and corporate legal departments, including Ashurst, Baker & McKenzie, Gilbert + Tobin, Herbert Smith Freehills, the Australian Broadcasting Corporation (ABC) and more. They understand the pressure to deliver timely and cost effective legal advice, which is why Practical Law’s fully maintained practice notes, precedents, drafting notes and checklists offer clear and concise know-how with a practical perspective.

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