Avoiding contract hell
New laws are coming into force this year to protect small businesses from unfair terms in standard form contracts.
The law will apply to a standard form contract entered into or renewed on or after 12 November 2016, where:
- It is for the supply of goods or services or the sale or grant of an interest in land
- At least one of the parties is a small business (employs less than 20 people, including casual employees employed on a regular and systematic basis)
- The upfront price payable under the contract is no more than $300 000 or $1 million if the