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You Can't Afford To Get This Wrong
Manage episode 386365342 series 2824162
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There have been some big changes this month to do with the rules that govern your contracts in business. And I know - listening to facts about Australian Consumer Law can be dry. However, staying up to date with this is crucial to ensure your business avoids the risk of any legal pitfalls. In this episode, I talk you through the recent amendments to the law and how these impact small businesses - and trust me, you can’t afford to get this wrong.
A new piece of legislation came into effect on 9 November, which brings in some new rules that apply to every small business. Those with less than 100 employees or under 10 million in annual turnover are regarded as small businesses. So, if this is you and you’re issuing agreements to your clients, you need to take great care to ensure that the terms you include in those agreements aren't unfair.
The new penalties for unfair contract terms are huge - and should someone be unhappy with what’s in your contract, the court can absolutely impose them. I dive into real-life contract scenarios to illustrate what constitutes an unfair term, making it easier to identify and rectify similar issues in your own contracts. The key takeaway? Both parties in a contract should have equitable rights and opportunities, and contracts should be flexible enough to adapt to changing business or client needs.
If you’re a long-time listener of this podcast, you’ll have heard me say a lot that prevention is better than cure. And with these recents changes in the law, it couldn’t be more relevant. Whether you used a template, consulted Google or engaged a professional to draw up your legals, it’s time to do a review and check that they’re compliant. Having confidence in your legal documents will give you that much-need peace of mind, knowing that they will stand up in court and protect you if ever challenged.
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