Changes to off the plan contracts in NSW

By |2019-02-28T22:25:42+00:00February 28th, 2019|COMMERCIAL LAW|

It is anticipated that later this year a proposed Bill will be introduced into Parliament in relation to Off the Plan contracts in New South Wales. If the Bill is passed as expected, then these changes will bring about: A new disclosure statement regime; Wider sunset clause protection for purchasers; and A 10 business day cooling off period (instead of the current 5 business day [...]

Importance of well drafted retention of title clauses

By |2018-09-30T19:45:23+00:00September 30th, 2018|COMMERCIAL LAW|

Your business’ terms of trade are the conditions on which your business sells goods and services to its customers. Your terms of trade should: Be in writing; Be tailored to fit your business; Reflect how your business interacts with customers; Be readily available to your customer; and Be easily understood. You should establish your terms of trade to ensure your business is protected from costly [...]

Legislation Update

By |2018-09-30T19:31:05+00:00September 30th, 2018|COMMERCIAL LAW|

In light of the Banking and Financial Services Royal Commission, small businesses and sole traders might be excused for thinking that the Federal Government's legislative reforms are wholly focused on the large corporations. Those who have been following the news will recall the massive prosecution of the Commonwealth Bank for failing in its anti-money laundering and counter-terrorism financing obligations. This prosecution is part of a [...]

Something to think about before you provide financial assistance to a child

By |2018-09-30T13:53:20+00:00September 30th, 2018|COMMERCIAL LAW|

In an environment of declining housing affordability, more parents are helping their children out by financially assisting them in their housing purchase. When deciding on the best way to assist a child financially, there are some important matters you need to consider: ·         Do you want to provide money as a loan or as a gift? ·         What will happen to your money if your [...]

FinTech – more risk than traditional financial services?

By |2018-09-30T13:49:15+00:00September 30th, 2018|COMMERCIAL LAW|

'Fintech' (short for 'financial technology'), refers to technology that is rapidly changing the financial service industry. Fintechs include a range of innovative programs such as mobile banking, crowdfunding and more recently online marketplaces for home loans. HashChing is one of Australia’s first online marketplaces to allow consumers to access home loan offerings without having to shop around directly with lenders. HashChing operates at the intersection [...]

Changes to Fair Work Act will increase penalties

By |2018-09-30T13:39:45+00:00September 30th, 2018|COMMERCIAL LAW|

Recent changes to the Fair Work Act mean that all businesses should be reviewing employee payments and the systems they have in place to manage compliance. The Fair Work Amendment (Protecting Vulnerable Workers) Bill has been introduced to protect vulnerable employees from underpayment. New penalties for serious contraventions A new category of penalty is now available under the Fair Work Act and it will be [...]

Do you know the difference between a quote and a binding offer?

By |2018-09-30T13:21:09+00:00September 30th, 2018|COMMERCIAL LAW, LEGAL NEWS|

Before a person provides services to another, they will often give a quote estimating or fixing a price for the services. Caution is required when using the term 'quote' because it may be construed as an offer by one party which, if accepted by the other, would create a binding contract between them. In Megalift v Terminals [2009] NSWSC 324, the Supreme Court of NSW [...]

Buying a Business in NSW

By |2018-09-30T13:18:43+00:00September 30th, 2018|COMMERCIAL LAW|

Buying a business can be a daunting prospect. With a variety of factors to consider and numerous risks to weigh up, the processes involved in buying a business in NSW can be confusing. As a prospective buyer, when looking at a business listed for sale, there are some important factors to consider: (a) the details of the Sale Agreement (including protection / restraint clauses, the [...]

Australian Consumer Law

By |2018-09-30T12:55:22+00:00September 30th, 2018|COMMERCIAL LAW|

Things businesses should know about the Australian Consumer Law The Australian Consumer Law (ACL) is contained within a Schedule to the Competition and Consumer Act 2010 and is a uniform national law. The ACL applies to any personal, domestic and household goods/services sold, hired or leased and any goods/services sold, hired or leased up to an amount of $40,000. Accordingly, the ACL and the consumer [...]

Commercial Property Leasing in NSW

By |2018-09-30T12:53:57+00:00September 30th, 2018|COMMERCIAL LAW, PROPERTY LAW|

Overview A commercial property lease is a rental agreement between a landlord (“Lessor”) and tenant ("Lessee”) to use a warehouse, factory, office or a similar facility. Before entering into a commercial property lease (“the Lease”), proper due diligence should be conducted to analyse the terms and conditions of the Lease and to understand the rights and obligations assigned of the parties. Since a commercial property [...]