Queensland Consolidated Acts

FARM BUSINESS DEBT MEDIATION ACT 2017 - SECT 27

27 Cooling-off period

(1) A heads of agreement entered into by the parties to a mediation is subject to a cooling-off period during which the farmer may revoke the agreement (the
"cooling-off period" ) unless the parties agree to waive the cooling-off period under this section.

(2) If the parties do not waive the cooling-off period, the period—

(a) starts when the parties enter into the heads of agreement; and

(b) ends on—

(i) if the parties have agreed on a day on which the cooling-off period ends and the day is noted on the heads of agreement—the agreed day; or

(ii) otherwise—the day that is 10 business days after the parties entered into the heads of agreement.

(3) The parties to a heads of agreement may agree to—

(a) waive the cooling-off period for the agreement; or

(b) at any time before the cooling-off period ends under subsection (2) (b) , shorten or extend the cooling-off period.

(4) However, the parties to a heads of agreement may waive or shorten the cooling-off period for the agreement only if the farmer has had a reasonable opportunity to seek legal advice about—

(a) the agreement; and

(b) waiving or shortening the cooling-off period.

(5) The agreement must be in writing.