Queensland Consolidated Acts

FARM BUSINESS DEBT MEDIATION ACT 2017 - SECT 26

26 Heads of agreement

(1) If a mediator considers the parties to a mediation have agreed, or are about to agree, on a matter relating to the farm business debt, the mediator must—

(a) prepare, or supervise the preparation of, a document in the approved form that states the main points of agreement; and

(b) give a copy of the document to each party during a mediation meeting.

(2) If the parties are satisfied the document sets out the main points of their agreement about the matter, the parties may enter into a heads of agreement by each signing the document.

(3) The heads of agreement has effect if the signed document, or each signed copy of the document, is given to the mediator within 10 business days after the end of the mediation meeting.

(4) The approved form for a heads of agreement must—

(a) state—

(i) that a heads of agreement is subject to a cooling-off period unless the parties agree to waive the cooling-off period; and

(ii) that a farmer may revoke the heads of agreement during a cooling-off period by serving a signed notice of revocation on the mortgagee; and

(iii) the rights to compensation that may, and do not, arise under section 30 if a farmer revokes a heads of agreement during a cooling-off period; and

(b) provide for the inclusion of the following matters—

(i) when a cooling-off period starts and ends; and

(ii) a cooling-off period to be shortened or extended if the parties agree.