Posted by Elizabeth Gore-Jones
on 30 January 2024
As from November 2023, the Unfair Contract Terms legislation introduced significant penalties for including unfair terms in any contract including leases.
The penalties could be $50 million.
The new legislation will apply to:
1. Any new lease
2. An assignment, variation or renewal of a lease (regardless of when the lease was originally entered into)
3. The exercise of an option under the lease even if the original lease was entered into prior to November 2023.
Landlords and tenants should be aware of these changes.
Don't be caught off guard!
Act now and protect your business. Contact us for legal support.
Author:Elizabeth Gore-JonesAbout: Elizabeth specialises in franchising law. She lectures at Bond University PLA in franchising, she sits on the Queensland Law Society Franchising Committee, she is a past member of the Women in Franchising committee and a past member of the Franchise Council of Australia.
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