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.
Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .
View history note
Hide history noteIt 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.
This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.