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Compliments of the season and welcome to our December collection of articles and ideas for clever business owners and operators.

As the holiday season is upon us, we find ourselves reflecting on the past year and those who have helped to shape our business. We hope that 2018 has been just as memorable for you, your colleagues and your loved ones. At this time we would like to thank you for all of your support this year and wish you all the best for the year ahead.
 


Why would I pay for your business when you’ve already given it to me? The importance of a well-crafted Confidentiality Agreement in sale negotiations

In the excitement of fielding potential buyers for their business, many business owners often neglect to take the requisite precautions to safeguard their important Intellectual Property (IP), goodwill and trade secrets.

Essential when entering discussions with potential buyers is a well-crafted Confidentiality Agreement which is signed by the potential buyer prior to advancing serious discussions. 

Read the full article here
 

ACCC proactively addresses unfair dairy contract terms

The ACCC announced on 3rd December 2018 that they had been working with Australia’s major Dairy processors over the past year to amend contractual terms with downstream producers to ensure that they are not unfair.

In particular the ACCC’s focus was on contracts with farmers for milk supply.

The ACCC advised that the “amendments sought included: -

  • Providing [farmers] with the right to terminate their contract if the processor varies supply terms such as price or quality requirements, placing the farmer in a worse position.
  • Reduction of lengthy notice periods for farmers to terminate their contracts,
  • One-sided termination rights,
  • Broad indemnities, and
  • Terms that restrict a farmer’s ability to lease a farm or sell their cattle.”

The full press release is available here

 

APRA to Impose Strict Cyber Security Rules

Data Protection continues to be a subject of sweeping legal reforms and public concern, both in Australia and internationally. Last month, the Australian Prudential Regulation Authority (APRA) followed suit when it finalised its new prudential standard designed to shore up information security across the finance industry. The new standard, CPS 234, will come into effect 1st July, 2019, whereupon APRA-regulated entities will be held to strict and expansive information management obligations.

Find out who will be affected by the new obligations here


The Silly Season and How to Survive It – The Legal Perspective

On 27th November, Georgia Rutecki and Rachel Derrico from our Workplace Relations team presented "The Silly Season and How to Survive It – The Legal Perspective" at our HR Discussion Group session.

Here are few key take-aways and tips for minimising risk from the day that can help you prepare for your end-of-year work function:
  • Update policies and provide training at least annually 
  • Send an organisation wide email before an event, reiterating the firm’s policies (e.g. sexual harassment, bullying, social media) and the importance of appropriate behaviour
  • Have clear start and finish times for your event
  • Ensure responsible service of alcohol, even if at a licensed venue
  • Nominate 1-2 people to act in the role of “Fun Police” ensuring early intervention. Engage leaders and ensure they know their responsibilities
  • Have a clear message about what events are sanctioned by your organisation e.g. do not implicitly or explicitly sanction “after-party” events
  • Do not hold at a remote location, ensure people can get home safely
  • If an incident occurs, investigate immediately, don’t delay
If you would like to find out more or attend our next HR Discussion group session in 2019, register your interest with Daniela by email daniela@rankinandco.com or on 0437 003 590.
 

Thanks again for reading. If you have any queries or would like to discuss any legal issues please don’t hesitate to contact me on 0422 736 206 or rob@rankinandco.com.

 
Yours sincerely,
Rob Roy Rankin

p: +61 422 736 206   l    f: +61 3 9923 6970
e: rob@rankinandco.com   l   www.rankinandco.com

 
Copyright © 2018 Rankin Business Lawyers, All rights reserved.


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