“Approved by ASIC” – a $20,000 problem…

Whilst the financial services sector seems to have embraced the innovation economy, a recent case shows just how important it is for Australian Financial Services Licence, (AFS) holders to take care when advertising their products.

A recent case brought by the Australian Securities and Investments Commission, (ASIC) is a reminder that when advertising investment schemes precise language needs to be used.

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Distribution agreements – an introduction

A distribution agreement (Distribution Agreement) is a form of commercial contract where  one party, the distributor (Distributor) is granted the right to distribute goods or services of another supplier (Supplier) to clients or customers usually in a distinct territory. [Read more…]

Third line forcing and commercial contracts

Third line forcing is a form of exclusive dealing that is prohibited under the Competition and Consumer Act 2010 (Cth)(CCA).  It occurs where one corporation (Forcer) enters into a contract to supply goods or services to another (Forced Party), which includes an obligation to buy goods or services from an unrelated third party (Third Line Party).

It’s common in various commercial contracts including franchise and license agreements, for the issuer of the contract to attempt to limit or restrict who a party buys goods or services from. The reason for this is obvious in terms of the need to ensure that a uniform product is delivered to customers. The often cited example being the uniformity of the width of fries served at every McDonald’s throughout Australia and for that matter the world.

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Federal Circuit Court invalidates ‘no refunds’ clause

In a recent judgment (Ferme v Kimberley Discovery Cruises Pty Ltd [2015] FCCA 2384), the Federal Circuit Court held that a term of a cruise company’s standard conditions, which allowed the company to cancel a cruise for a wide range of reasons without giving any refunds to its passengers, was an ‘unfair term’ under the Australian Consumer Law (ACL) and therefore void. [Read more…]

Misleading and deceptive conduct in business dealings

Business dealings between two or more parties often involve statements or representations during negotiations prior to reaching a concluded bargain. This article considers some case examples of conduct found to be misleading and deceptive in a variety of common business and commercial settings

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The going concern exemption to GST

In Australia an exception to the requirement to pay the broad based consumption tax known as the Goods and Services Tax may apply to the acquisition of business assets as part of a business sale. [Read more…]

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