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FIXED TERM AGREEMENTS AND THE CPA

As the Consumer Protection Act draws closer consider the effect of fixed term consumer agreements on your business.

  • Fixed term consumer agreements may no longer exceed 24 months.
  • The consumer may also cancel a fixed term agreement at any time by giving the supplier 20 business days’ notice in writing.
  • Suppliers may charge a reasonable cancellation penalty in these circumstances which does not exceed 10% of the balance due for the remainder of the fixed term, excluding interest.

Comment by Simone Monty of Eversheds – Tel: 011 775 6335 or simonemonty@eversheds.co.za

 
Links
GOOD NEWS POINTS TO 2011 ECONOMIC RECOVERY
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COMMENTS ON CPA REQUIRED BEFORE 31 JANUARY 2011
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COMPETITION COMMISSION CLEARS SUPERMARKET SECTOR OF COLLUSION
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FIXED TERM AGREEMENTS AND THE CPA
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THE 2011 FASA DIRECTORY ON ITS WAY TO MEMBERS
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