On 9 November 2020, Treasury released its Regulation Impact Statement for Decision, titled ‘Enhancements to Unfair Contract Term Protections’. The Impact Statement outlined issues with existing regulatory regime for unfair contract terms (UCT).
This resource examines the concerns raised in the Impact Statement, such as one-sided standard form contracts offered on a ‘take it or leave’ basis, as well as UCTs being prevalent in standard form contracts. The proposals by the Treasury intend to introduce reforms such as making UCTs unlawful and increasing eligibility for UCT protections.
Authors: Mandy Tsang, Special Counsel, and Sarah Yu, Partner, King & Wood Mallesons
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