Commonwealth Consolidated Acts

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Validity, enforceability and effect of financial agreements and termination agreements

    The question whether a Part   VIIIAB financial agreement or a Part   VIIIAB termination agreement is valid, enforceable or effective is to be determined by the court according to the principles of law and equity that are applicable in determining the validity, enforceability and effect of contracts and purported contracts, and, in proceedings relating to such an agreement, the court:

  (a)   subject to paragraph   (b), has the same powers, may grant the same remedies and must have the same regard to the rights of third parties as the High Court has, may grant and is required to have in proceedings in connection with contracts or purported contracts, being proceedings in which the High Court has original jurisdiction; and

  (b)   has power to make an order for the payment, by a party to the agreement to another party to the agreement, of interest on an amount payable under the agreement, from the time when the amount became or becomes due and payable, at a rate not exceeding the rate prescribed by the applicable Rules of Court; and

  (c)   in addition to, or instead of, making an order or orders under paragraph   (a) or (b), may order that the agreement, or a specified part of the agreement, be enforced as if it were an order of the court.

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