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In so doing, an underlying feature of the Act is that it provides consumers with the right to choose, and this choice extends to agreements for a fixed term.
Advertisement Importantly, the Act gives individual consumers the right to cancel an existing fixed term agreement with no explanation or reason necessary: All amounts owed to the supplier up to the date of cancellation must be fully paid. How will the "reasonable" cancellation charge be determined?
The Minister of Trade and Industry may prescribe the manner, form and reasonableness of any cancellation charges imposed as a result of an individual consumer cancelling a fixed term agreement. Can a supplier cancel a fixed term agreement?
Yes, a supplier may cancel a fixed term agreement with an individual consumer when there is a "material failure by the consumer to comply with the agreement". However, the supplier must first give the consumer notice of the failure, and allow the consumer 20 business days within which to rectify it.
If the 20 business day period passes and the consumer has not yet rectified the "failure", only then may the supplier cancel the fixed term agreement.
Other key changes impacting fixed term agreements The Minister may prescribe a maximum period for all or certain types of fixed term agreements. Recent draft regulations propose that the maximum period for all fixed term agreements with individual consumers be limited to 24 months.
Previously there was no statutory limit on the duration of such contracts and this was left to the parties to agree between themselves. Upon the expiry of the fixed term agreement with an individual consumer, the agreement will automatically continue on a month-to-month basis unless the consumer expressly terminates the agreement or agrees to a renewal for a further fixed term.
This written notice must be given not more than 80 nor less than 40 business days before the expiry of the agreement. Moreover, the supplier must inform the consumer of any material changes if the agreement is to be renewed, or may otherwise continue beyond the expiry date, and the consumers options to terminate it or renew it for a further fixed term.
A supplier may not: When is a term, transaction or agreement "unfair, unreasonable or unjust"? There is no closed list of what will constitute an unfair, unreasonable or unjust term, transaction or agreement.
However, the Act contains several examples, including: The proposed draft regulations contain a list of contract terms which are presumed not to be fair and reasonable in certain circumstances. Suppliers should look carefully at this list once the final regulations are published.
What are the consequences of a term or condition being unfair, unreasonable or unjust? Suppliers run the risk that an agreement, transaction, term or condition will be void if it is unfair, unreasonable or unjust.
How are exclusions of liability affected? The Act contains extensive provisions ensuring that "exemptions from liability" and disclaimers colloquially often referred to as the "fine print" are properly drawn to the attention of the consumer. The Act requires that any provision or notice which: The fact, nature and effect of such provision must be drawn to the attention of the consumer in a conspicuous manner and form likely to attract the attention of an "ordinarily alert" consumer in the circumstances.
Importantly, it must be done before the consumer concludes the agreement, begins to engage in the activity, or enters or gains access to the facility, or is required or expected to offer consideration for the transaction or agreement.
Consumers may not be required to waive their rights under the Act. For fixed term agreements, it gives an individual consumer the right to cancel an agreement at any time without a specified breach of the agreement or failure on the part of the supplier.You can also contact your state's attorney general or consumer protection office, law school clinics, or the Better Business Bureau to find a dispute resolution program.
Mediation, arbitration, and conciliation are the three common types of dispute resolution. Consumer protection is the subject of both federal and state laws. At the federal level, consumer protection is under the jurisdiction of the Federal Trade Commission (FTC).
The FTC maintains a Bureau of Consumer Protection whose duty it is to protect consumers against unfair, deceptive, or fraudulent practices in the marketplace. The Consumer Financial Protection Bureau is a U.S.
government agency that makes sure banks, lenders, and other financial companies treat you fairly. Featured CFPB is warning consumers that someone using a CFPB staff name is calling consumers to assure them that a fake prize they've won through a lottery or sweepstakes is legitimate.
Search Our Listings: Country. This week we look at the impact of the Act on certain aspects of contracts, in particular fixed term agreements and unfair contract terms. One of the Act's chief objectives is to promote a marketplace for consumer products and services that is fair, accessible and sustainable.
In so doing, an. impact of consumer protection agencies in nigeria: a study of cpc, cafon and ceon by amzat sheriffdeen adewale matric no: a project submitted in partial fufillment of the requirement for the award of bachelor of arts in the department of mass communication, faculty of management and social sciences, olabisi onabanjo .