You can face upto $50 million in damages under the new UTC reform bill

Prevent Penalties: UCT Reform Bill Protection

Are you doing business with small enterprises? If so you may be at risk for non-compliance under the new UCT reform bill 

The Australian Federal Government recently tabled a bill aimed at amending unfair contract terms laws. This UCT reform Bill proposes to significantly increase the maximum penalties under the Competition and Consumer Act 2010 (Cth) (CCA), including the Australian Consumer Law (ACL).

This law applied to all contracts entered into or renewed on or after 12 November 2016, where:

  • it is for the supply of goods or services or the sale or grant of an interest in land
  • at least one of the parties is a small business (employs less than 100 people, including casual employees employed on a regular and systematic basis)
  • the upfront price payable under the contract is no more than $1 million if the contract is for more than 12 months.

Under this bill unfair contract terms would be deemed unlawful and the business proposing or seeking to rely on them would be exposed to the risk of severe penalties under the ACL or the ASIC Act. 

Companies can face up to $50 million in fines and have less than 12 months to review all their contracts for any non-compliance. 

Stay on top of all these regulatory changes with Volody’s risky clause identifier. Our AI-trained tool scans through all your agreements dating back to look for any of these unfair clauses deemed unlawful under this new bill. Our tool can scan through all your documents with a click of a button, saving you hours of tedious manual work. 

Try out our product with Free POC and find out how you can save your organization from severe penalties and reputational damage!

Volody is a pioneer in Contract Lifecycle Management (CLM) software since 2016. Our innovative AI-powered software automates tasks, extracts insights, & improves efficiency. Volody has delivered exceptional results for numerous firms, including small businesses & Fortune 500 companies across the globe. In the fast-paced world of CLM software, Volody stands as a consistent innovator & a partner you can trust.