Keeping owners, managers, and stakeholders up to date on issues affecting their businesses.
When entering a contract with another party, you may wish to include a mechanism to ensure you receive appropriate compensation if the other party wants to terminate it early. It’s important to remember that while a contract can impose a fee for early termination, the fee should not be structured or referred to as a “penalty.”
The imposition and proposition of new tariffs may create uncertainty around the costs and availability of imported materials. This can cause challenges for businesses with contracts that are structured to include pricing based on those costs or with scheduling requirements tied to the availability of materials.
All of us have been responding to the challenges presented by the novel Coronavirus (COVID-19) in some form or manner within our personal lives. Many, if not most, of us are also making significant adjustments within the context of our professional lives, with many business owners and managers contemplating steps to help ensure the survival of their businesses. It should go without saying that many businesses have been reviewing existing contracts and arrangements with vendors, suppliers, customers, landlords, and subcontractors to determine the respective rights of the parties.