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).
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 […]
Gross Lease vs. Net Lease: Understanding the Key Differences
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What to Do If You Are Impacted by a Retailer Bankruptcy Part 2
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The Current Administration's Proposals for the Financial Services and Banking Industries Will Affect Your Business
Since his inauguration two months ago, Donald Trump’s administration and the Congress it controls have indicated important upcoming policy changes. These changes will impact financial services policies and priorities. The changes will particularly affect cryptocurrency, as well as banking rules and regulations. Key Regulatory Changes in Cryptocurrency For example, in the burgeoning cryptocurrency business environment, […]
Tips for Commercial Landlords Impacted by Wave of Retailer Bankruptcies Part 1
The retail sector has experienced a wave of bankruptcy filings over the last year. Brick-and-mortar businesses in financial distress include big-name brands like Big Lots, Party City, The Container Store, and Vitamin Shoppe. When large retailers seek bankruptcy protection, they are not the only businesses impacted. Landlords can be particularly hard hit. While commercial landlords […]
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