
The New Rules of Fair Play - Navigating the Reformed Unfair Contract Terms Regime
On 9 November 2023, a series of amendments to the Unfair Contract Terms regime (UCT regime) made by the Treasury Laws Amendment (More Competition, Better Prices) Act 2022 (Cth) came into effect.
In sharp contrast to the previous position under the Competition and Consumer Act 2010 (Cth) (CCA) and Australian Securities and Investments Commission Act 2001 (Cth) (ASIC Act) – which declared unfair contract terms void, but imposed no penalty for their inclusion in contracts – the amendments: