Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.7A - BEST INTERESTS OBLIGATIONS AND REMUNERATION  

Division 3 - Charging ongoing fees to clients  

Subdivision B - Termination, disclosure and renewal  

SECTION 962E   CLIENT MAY TERMINATE ARRANGEMENT AT ANY TIME  

962E(1)  
It is a condition of the ongoing fee arrangement that the client may terminate the arrangement at any time.

962E(2)  
Any condition of the ongoing fee arrangement, or any other arrangement, that requires the client to pay an amount on terminating the ongoing fee arrangement is void to the extent that the amount exceeds the sum of:


(a) any liability that the client has accrued but not satisfied under the ongoing fee arrangement before the termination; and


(b) the costs of the current fee recipient incurred solely and directly because of the termination.


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