Archive for the ‘Contracts’ Category

Tough times can force your customers to seek legal protection.

January 11th, 2010 by admin | No Comments

Perhaps the only thing worse than a customer whose payments are 60 days overdue is one who notifies you that it is declaring bankruptcy. What you do in the days after a debtor declares bankruptcy has a major effect on what, if anything, you collect.

If I hear that a client is declaring bankruptcy, what should I do first?

The safest thing is to confirm that filing by contacting the debtor and obtaining a case number and/or name and telephone number of the debtor’s attorney. Alternatively, most attorneys can confirm the filing through the bankruptcy court’s online filing system, PACER. READ MORE

Contract pitfalls: Why companies should pay attention to boilerplate

January 11th, 2010 by admin | No Comments

They say no one ever reads the “fine print.” But when it comes to boilerplate, attention is necessary.

What is boilerplate?

Boilerplate is the colloquial term for all of those miscellaneous provisions that typically appear at the end of most contracts or other written agreements. Common examples include: notice provisions, governing law, severability, assignment and counterparts. READ MORE

Minimize financial risk: Avoiding successor liability after an asset acquisition

January 8th, 2010 by admin | No Comments

What is successor liability?

Successor liability generally describes the result of a court’s application of various legal theories to an acquisition transaction to hold the buyer responsible for liabilities the buyer did not explicitly agree to assume. Two of the significant theories of successor liability include the de facto merger doctrine and the continuity of enterprise doctrine. READ MORE