When renting business related property, it is important for both Landlords and Tenants to understand the relationship they are entering into and the rights and obligations that they each have. The document that governs this relationship is usually a Commercial Lease. So what is a Commercial Lease? A lease is a legally binding contract.
The Federal Government has enacted legislation extending the unfair contract term protections of the Competition and Consumer Act 2010 (Cth) and the Australian Securities and Investments Commission Act 2001 (Cth) to the small business sector. Under the new laws, a Court is able to declare that a term of a standard form small business contract.
While many people are unlikely to nominate estate planning aka “Thinking about what will happen to my assets when I die” as being on their “most wanted things to do” list in reality, this is something that should be on all our “must do” lists. Proactively planning for how you would like your assets distributed.