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New Anti-Money Laundering Bill
On 11 September 2024 the (Bill) was introduced to the House of Representatives.[1] The Bill will amend the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) (AML/CTF Act) to include provisions regarding deterrence, detection and disruption of money laundering and terrorism financing.[2] Most changes will take effect from 31 March 2026.
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How to read a commercial contract
A commercial contract (Commercial Contract) is a legally binding agreement between two (2) or more parties that contains the terms and conditions for a mutual exchange of value, such as goods or services for financial compensation. This article aims to assist the reader on how to understand the contents of such a document.
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Are the recitals in contracts binding?
Recitals, also known as the “preamble” or “details” clauses (Recitals) are introductory statements at the start of a contract that provide context, background or reasons for the terms and conditions that follow. They have been historically used by the Courts to aid in the interpretation of ambiguous terms and are capable of including essential provisions…
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What is a change of control clause?
In commercial contracts, a change of control clause is one that allows one of the parties to an agreement to terminate or modify its terms if a third party acquires a controlling stake in the other. A change of control clause grants a party certain rights, such a right to accelerate an obligation to pay…
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Unfair contract terms – automatic renewal clauses
9 November 2023 was a crucial date for Australian businesses because from that date significant penalties can now be imposed on businesses found to have unfair contract terms (UCT) in their contracts. The Federal Government had introduced significant changes to laws relating to UCT on 10 November 2022.
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Amendments to unfair contract terms
The Treasury Laws Amendment (More Competition, Better Prices) Act 2022 (Cth) (Amending Act) received royal assent on 9 November 2022, introducing significant amendments to the Australian Consumer Law (ACL). These amendments target the Unfair Contract Terms (UCT) provisions of the ACL, strengthening the rights of consumers while imposing stricter requirements on businesses using Standard Form…
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ACCC seeks input on environmental and sustainability guidance
The Australian Competition and Consumer Commission releases Draft Guidance to help businesses make environmental and sustainability claims without misleading consumers. Seeking input from stakeholders to ensure guidance is effective and up-to-date with consumer law.
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Greenwashing on Facebook – ASIC fines Future Super
Learn more about Greenwashing in Australia and the alleged incidents, with Australian Securities and Investments Commission (ASIC) and the Australian Competition and Consumer Commission (ACCC) responsible for regulating misconduct. ASIC issued an infringement notice to Future Super for making misleading Greenwashing claims on Facebook. Understand the legislative framework and how to avoid making false claims.
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Consumer law changes – what business owners need to know
The Treasury Laws Amendment (More Competition, Better Prices) Act 2022 (Cth) (Act) amends various pieces of legislation to provide stronger competition and consumer protections. In particular, the Act bolsters the penalties applicable for offences relating to unfair practices and unfair contract terms under as contained within the Competition and Consumer Act 2010 (Cth) (CCA) and…
Corporate law
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