{"id":252929,"date":"2021-08-19T16:30:30","date_gmt":"2021-08-19T11:00:30","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=252929"},"modified":"2021-08-19T16:22:05","modified_gmt":"2021-08-19T10:52:05","slug":"new-zealand-fair-trading-amendment-bill-receives-royal-assent","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2021\/08\/19\/new-zealand-fair-trading-amendment-bill-receives-royal-assent\/","title":{"rendered":"New Zealand | Fair Trading Amendment Bill receives Royal Assent"},"content":{"rendered":"<div id=\"lex-article-body\" class=\"article-body clippable-element text-clippable image-clippable\" data-integrity-check=\"A919EAD4FEE08154D5161F0FE696952F\" data-content-slug=\"2f8abda2-e6f4-413d-9ad7-1f85a861ef61\" data-friendly-name=\"Fair Trading Amendment Bill receives Royal Assent - some changes in effect immediately\" data-firm-ref=\"16939\" data-content-type=\"Article\" data-workareas=\"7,36\" data-jurisdictions=\"127\">\n<p style=\"text-align: justify;\">On August 16, 2021, the Fair Trading Amendment Bill has received the Royal Assent. The Fair Trading Amendment Act 2021 introduces significant changes to the Fair Trading Act 1986.<\/p>\n<p>&nbsp;<\/p>\n<h3 style=\"text-align: justify;\"><span style=\"color: #800000;\">Key highlights:<\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li style=\"text-align: justify;\">Clause 6 of the Act inserts a new provisions relating to unfair conduct.<\/li>\n<li style=\"text-align: justify;\">New Provision prohibits conduct in trade that is unconscionable.<\/li>\n<li style=\"text-align: justify;\">Provision outlines the factors that a court may have regard to when assessing whether conduct is unconscionable including (but not limited to):\n<ul class=\"\">\n<li>relative bargaining power<\/li>\n<li>the extent to which the trader and an affected person acted in good faith<\/li>\n<li>whether unfair pressure or undue influence was used<\/li>\n<li>whether an affected person was able to understand documents provided by the trader.<\/li>\n<\/ul>\n<p>Where a contract is entered into between a trader and an affected person, the court may also consider (among other things):<\/p>\n<ul class=\"\">\n<li>any inducement to enter into the contract<\/li>\n<li>whether the affected person obtained legal advice or other professional advice<\/li>\n<li>the terms of the contract<\/li>\n<li>whether the terms of the contract allow the affected person to reasonably meet their obligations<\/li>\n<li>the length of time the affected person has to remedy any breach.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>Clause 7 extends the prohibition to a newly defined \u201csmall trade contract\u201d \u2013 a contract between parties in trade that does not form part of a trading relationship that exceeds an annual value of $250,000 for goods or services, or interest in land, when the contract is first entered into.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">For more details, refer <a href=\"https:\/\/www.parliament.nz\/en\/pb\/bills-and-laws\/bills-proposed-laws\/document\/BILL_93552\/fair-trading-amendment-bill\">HERE<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>On August 16, 2021, the Fair Trading Amendment Bill has received the Royal Assent. The Fair Trading Amendment Act 2021 introduces significant <\/p>\n","protected":false},"author":8808,"featured_media":252930,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[14,4],"tags":[],"class_list":["post-252929","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-foreign","category-legislationupdates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>New Zealand | Fair Trading Amendment Bill receives Royal Assent | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2021\/08\/19\/new-zealand-fair-trading-amendment-bill-receives-royal-assent\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New Zealand | Fair Trading Amendment Bill receives Royal Assent\" \/>\n<meta property=\"og:description\" content=\"On August 16, 2021, the Fair Trading Amendment Bill has received the Royal Assent. The Fair Trading Amendment Act 2021 introduces significant\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.scconline.com\/blog\/post\/2021\/08\/19\/new-zealand-fair-trading-amendment-bill-receives-royal-assent\/\" \/>\n<meta property=\"og:site_name\" content=\"SCC Times\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/scc.online\/\" \/>\n<meta property=\"article:published_time\" content=\"2021-08-19T11:00:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/Fair-Trading-Bill.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1330\" \/>\n\t<meta property=\"og:image:height\" content=\"887\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Bhumika Indulia\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" 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