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BEWARE: Broader application and increased penalties, do your contracts comply? – Amendments to the Unfair Contracts Terms Regime

There is now less than 5 months until the amendments to the Unfair Contracts Terms (UCT) regime under the Australian Consumer Law (ACL) come into force. On 9 November 2023, the new UCT regime will apply to a significantly broader range of contracts than ever before. Businesses should beware, even if the current regime does not apply, the new UCT may apply. Australian businesses should review and update their standard form contracts to ensure they comply with the new UCT regime to avoid the new significant penalties which can include a substantial pecuniary (monetary) penalty.

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