LEGAL UPDATES – 18 JULY

BLOCKCHAIN: WHAT IS IT AND WHAT IT MEANS FOR YOUR BUSINESS

It is common for businesses seek to advance their interests by transacting with persons with whom they have no pre-existing relationship. This often means there is a limited foundation of trust, where substantial finances may be at stake. For years, businesses have dealt with this lack of trust through the use of contracts which minimise the risk of expectations not being aligned, or worse, deliberate betrayals of that trust.

“Blockchain” is considered an innovative new solution to the “trust issues” in business. So much so, it is tipped to revolutionise how business transactions are performed in the future. Continue Reading

REMOVING RIGHTS OF TERMINATION – INSOLVENCY

It has been reported that the construction industry accounts for 20 to 25 per cent of all insolvencies in Australia. So when the Federal Government recently proposed new laws aimed at making legally unenforceable clauses which allow contracts to be terminated solely due to an insolvency event, it is arguably the construction industry that stands to be most affected.

Why reform? Continue Reading

TENANTS BEWARE – PROMISES MUST BE OUTLINED IN CONTRACT

It is all too common for landlords (or managing agents) to make promises to prospective tenants in the hope of encouraging them to enter into a lease, without those promises ever making it into the signed lease. One such case was recently heard by the High Court of Australia which is expected to hand down its decision very shortly. The promise which the High Court was asked to consider was essentially this: where the tenant had no right of renewal under its lease, if the tenant agreed to carry out substantial refurbishments to its premises the Landlord would ensure the tenant is “looked after at renewal time”. Continue Reading

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