In November 2023, the 12-month transition period for the Treasury Laws Amendment (More Competition, Better Prices) Act 2022 ("the Act") comes to a close. As we reflect on the impact of this act, it becomes even more crucial to understand the ins and outs of standard form contracts and in particular to understand "What is a standard form contract?".
Standard Form Contracts
ACCC reference to Standard Form Contracts
What is a Standard Form Contract under the ACL?
What does the Explanatory Memorandum say about Standard Form Contracts?
Takeaways
standard form contractS
A standard form contract is generally referred to as a contract that has pre-drafted terms and conditions that can be easily adapted to different transactions or agreements. This eliminates the need for extensive negotiations and allows parties to quickly and efficiently enter into contracts.
Examples of standard form contracts include software licence user agreements where you tick a box to indicate that you agree to the terms and conditions of use.