VECCI statement on legislation regarding unfair contract protections for small business

VECCI has welcomed the Commonwealth Government’s announced release of draft legislation to extend unfair contract term protections to small business, according to Chief Executive Mark Stone.

"VECCI’s Small Business Taskforce report, “Small Business. Big Opportunity”, urged the Commonwealth Government to commit to implementing the proposed protections detailed in this scheme and we welcome the progression of this important measure," Mr Stone said.

"Once the protections are implemented, a court will have the power to strike out a term of a small business contract that is considered unfair. 

"The protections will apply to small businesses (employing less than 20 people) for transactions under $100,000, or $250,000 for contracts that last longer than 12 months.

"The changes will support small businesses in their daily operations, but businesses must remain vigilant in conducting due diligence on large contracts.

"VECCI commends the Government for this action."

The Victorian Employers' Chamber of Commerce and Industry (VECCI) is the most influential business organisation in Victoria, informing and servicing more than 15,000 members, customers and clients around the state.

vecci.org.au