Being in business, you probably find yourself regularly entering into contracts with new clients, suppliers and service providers. Have you ever been offered a contract on a “take it or leave it” basis? Perhaps the contract included a term that seemed a bit unfair (for example allowing the other business – but not you – to change or cancel the contract at any time).

A new law is being introduced to protect small businesses from unfair contract terms. The law will apply to standard form contracts entered into or renewed on or after 12 November 2016 where:

•     at least one of the businesses employs less than 20 people, and
•     the price of the contract is no more than $300,000, or $1 million if the contract is for more than 12 months.

From the ATO

A recording of a free government webinar is available here