The Contract and Commercial Law Act (CCLA) came into force this month, and brought with it an increasing shift towards user-friendly and modernised legislation, according to a report from Duncan Cotterill.
All insurance policy documents should have been reviewed and updated last Sept. 1 – including any settlement agreements or any other bespoke agreements between an insurer and an insured or a third party intended to be signed after September.
The CCLA is an act which repeals and combines the several commercial statutes into one, Duncan Cotterill said.
The CCLA will not substantially amend current law. Rather, it will clarify the language of the repealed statutes, making it easier for businesses and users to understand.
It will also make minor changes where inconsistent provisions of the repealed statutes, including the Carriage of Goods Act 1979, Contracts (Privity) Act 1982, Contractual Mistakes Act 1977, Contractual Remedies Act 1979, Electronic Transactions Act 2002, Frustrated Contracts Act 1944, Illegal Contracts Act 1970, Mercantile Law Act 1908 (other than Part 5), Minors' Contracts Act 1969, Sale of Goods Act 1908, and the Sale of Goods (United Nations Convention) Act 1994.
Many settlement agreements will refer to the Contractual Mistakes Act and the Contractual Remedies Act. And while the substance of this legislation hasn't changed, references to specific sections of the acts will need to be updated, the report said.
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