Over the past 12 months, several court decisions have provided valuable guidance for negotiating and drafting contracts. We also provided some of our own tips. Below is a brief summary:
Contract Management
In July, we discussed a survey that found businesses are struggling to keep up with contract management. For instance, 65 percent of the respondents had more than 1,000 active contracts, but they are rarely stored in one place. The failure to properly monitor and manage key business contracts can have significant consequences on your bottom line. As we enter the New Year, it is advisable to make plans for an annual contract review.
The Value of Silence
In August, we highlighted that silence is one of the simplest yet most frequently overlooked contract negotiation strategies. Among the many advantages, remaining quiet compels the other party to reinitiate the conversation. Most people will offer additional information intended to convince you to accept their offer. However, if they want to close the deal badly enough, the other party may even offer more favorable terms without you having to propose them.
Drafting consumer contracts
In September, the Supreme Court of New Jersey held that arbitration clauses in consumer contracts must explicitly express that the party is forfeiting the right to sue in court. If not, the agreements will not be enforced. The state’s highest court reasoned that “an average member of the public may not know—without some explanatory comment—that arbitration is a substitute for the right to have one’s claim adjudicated in a court of law.”
The Importance of Proofreading
In October, we discussed a multi-million dollar lawsuit arising out of the 2010 oil spill in the Gulf of Mexico, which may come down to the placement of a comma in an insurance document. The lesson — always proofread your contracts (and then do it again for good measure).
Tariff Response Options for Small Businesses Facing Financial Distress
The Trump Administration’s new tariffs are having an oversized impact on small businesses, which already tend to operate on razor thin margins. Many businesses have been forced to raise prices, find new suppliers, lay off staff, and delay growth plans. For businesses facing even more dire financial circumstances, there are additional tariff response options, including […]
Common Causes of Partnership Disputes and How to Resolve Them
Business partnerships, much like marriages, function exceptionally well when partners are aligned but can become challenging when disagreements arise. Partnership disputes often stem from conflicts over business strategy, financial management, and unclear role definitions among partners. Understanding Business Partnership Conflicts Partnership conflicts place significant stress on businesses, making proactive measures essential. Partnerships should establish detailed […]
Businesses Are Facing Financial Headwinds—A Practical Guide
*** The original article was featured on Bloomberg Tax, April 28, 2025 — As a tax attorney who spends much of my time helping people and companies who have large, unresolved issues with the IRS or one or more state tax departments, it often occurs to me that the best service that I can provide […]
President Trump's Termination of Member Gwynne Wilcox
On January 28, 2025, the Trump Administration terminated Gwynne Wilcox from her position as a Member of the National Labor Relations Board (NLRB or the Board). Gwynne Wilcox, a union side lawyer for Levy Ratner, was confirmed to the Board for an original term in 2021 and confirmed again for a successive five-year term expiring […]
Breach of Contract Explained: Types and Consequences
Breach of contract disputes are the most common type of business litigation. Therefore, nearly all New York and New Jersey businesses will likely have to deal with a contract dispute at least once. Understanding when to file a breach of contract lawsuit and how long you have to sue for breach of contract is essential […]
How to Dissolve a Corporation in New Jersey: A Step-by-Step Guide
Closing your business can be a difficult and challenging task. For corporations, the process includes formal approval of the dissolution, winding up operations, resolving tax liabilities, and filing all required paperwork. Whether you need to understand how to dissolve a corporation in New York or New Jersey, it’s imperative to take all of the proper […]
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