1 (under the Consumer Credit Act 1974) A regulated consumer-credit agreement for credit not exceeding £50, other than a hire-purchase or conditional-sale agreement, or a regulated consumer-hire agreement that does not require the hirer to make payments exceeding £50. In both cases the agreement is either unsecured or secured by a guarantee or indemnity only. Some small agreements are outside certain provisions of the Act.
2 (under the Competition Act 1998) An agreement in which the parties are exempt from the imposition of penalties (fines) for anticompetitive practices. Section 39 of the Act provides the exemption, and the Competition Act 1998 (Small Agreements and Conduct of Minor Significance) Regulations 2000 defines an anticompetitive agreement as “small” when both parties to it have a total turnover of under £20M. However, no exemption applies for a price-fixing agreement. Moreover, small agreements are not exempt from other provisions of the 1998 Act, and thus restrictive clauses in them may still be void.
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