1
Purpose of Act.
The purposes of this Act are to—
(a) ensure the overall fairness of any transaction which—
(i) is entered into between parties in circumstances where one party is for reasons of economic or other advantage predominant and the other is not able to exercise a free choice; or
(ii) for one reason or another, without attaching any evil design or bad faith, appears to be manifestly unfair or not to be genuinely mutual; and
(b) allow for the re-opening and review of any transaction irrespective of fault and validity, enforceability or effect of any agreement; and
(c) ensure the fair distribution and adjustment of rights, benefits, duties, advantages and disadvantages arising out of a transaction.
2
Compliance with Constitutional requirements.
(1) For the purposes of Section 29 of the Organic Law on Provincial Government, it is declared that this law relates to a matter of national importance.
(2) This Act, to the extent that
it regulates or restricts a right or freedom referred to Subdivision III.3.C of the Constitution, namely—
(a) the right to freedom of employment conferred by Section 48 of the Constitution; and
(b) the right to privacy conferred by Section 49 of the Constitution; and
(c) the right to protection from unjust deprivation of property conferred by Section 53 of the Constitution,
is a law that is made for the purpose of giving effect to the public interest in public welfare.
3
Interpretation.
(1) In this Act, unless it appears otherwise in the context—
"Court" means the Supreme Court or National Court, as the case may be, or a tribunal set up for the purpose or an Arbitration Tribunal agreed upon between the parties to a transaction;
"government body" means—
(a) the National Government; or
(b) a provincial government; or
(c) an arm, department, agency or instrumentality of the National Government or a provincial government; or
(d) a body set up by statute or administrative act for governmental or official purposes;
"party" in respect of a transaction means a party to the transaction and includes a person who—
(a) derives or derived or is entitled to or was intended to derive any right or benefit from the transaction; or
(b) suffers, or has suffered or may suffer any disadvantage or loss from the transaction; or
(c) has undertaken or may undertake any duty as a result of the transaction;
"person" includes a company, corporation, or a group of persons whether incorporated or not;
"transaction" means any contract, promise, agreement, dealing or undertaking of an economic or commercial nature whether supported by consideration or not entered into between parties, and includes—
(a) an informal, complete or incomplete transaction; and
(b) a transaction governed by customary law,
but does not include—
(c) a transaction that is renegotiated and its terms are substantially altered after three years of the date of the original transaction; and
(d) gifts, whether of a reciprocal nature or otherwise; and
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