The Importance of Choice of Law and Jurisdiction Selection Provisions in Commercial Contracts

Posted by amlaw

The Importance of Choice of Law and Jurisdiction Selection Provisions in Commercial Contracts Most commercial contracts include ‘choice of law’ and ‘choice of venue’ clauses. These clauses allow the parties to choose which state’s or country’s laws will govern the terms of the contract and the location where the lawsuit or arbitration will take place. While 'choice of law' and 'choice of venue' are crucial in business and professional contracts, many people do not consider the implications of these provisions until there is a contractual dispute. At that point, it is usually too late. Choice of Law The parties to a commercial contract...

31 May

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The Pennsylvania Seller’s Property Disclosure: The Importance of Getting it Right and the Consequences of Getting it Wrong

Posted by amlaw

in Contracts

The Pennsylvania Seller's Property Disclosure: The Importance of Getting it Right and the Consequences of Getting it Wrong Every Pennsylvania home seller must complete a Seller’s Property Disclosure form before putting their house up for sale. The form requirement is in response to a Pennsylvania law requiring residential property sellers to disclose any ‘known material faults’ with the property that are not apparent to prospective buyers. Material defects may include structural issues such as a leaky roof, plumbing, and septic system. The Pennsylvania Seller Disclosure Law applies only to residential property. It requires a home seller to notify a buyer of the...

14 November

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Letter of Intent: What Is It and Do You Need One?

Posted by amlaw

in Contracts, Small Business Law

Letter of Intent: What Is It and Do You Need One? There is much at stake in most business deals. It often makes sense to use a letter of intent to clarify the parties’ intentions. What is a Letter of Intent (LOI)? A Letter of intent (LOI) is a letter between two (sometimes, even three or more) parties or companies outlining the basic terms of a prospective business transaction. Essentially, one company uses the document as a declaration of commitment to do business with another. While businesses can draft similar agreements in many formats, an LOI’s distinct feature is its letter format. Businesses can...

12 April

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CONTRACTS AND CORONAVIRUS: Is the Coronavirus a Valid Excuse for Missing a Contract or Lease Payment

Posted by amlaw

in Contracts, Small Business Law

CONTRACTS AND CORONAVIRUS: Is the Coronavirus a Valid Excuse for Missing a Contract or Lease Payment? These are extraordinary and uncertain times. The one near certainty we have about the future is that it will take a long time to get back to business as usual. In the meantime, most businesses have had to severely curtail or completely shut down operations. To make matters worse, business owners can only guess when they will be able to reopen. All this has had a devastating effect on cash flow. As a business owner, chances are, you have contracts to fulfill and rent to...