First Reference company logo

Inside Internal Controls

News and discussion on implementing risk management

machine cogs image

contractual agreement

COVID-19: Managing material contracts in crisis

Whether engaging external help or undertaking the process in-house, the checklist below can help organizations prioritize their contractual relationships and identify practical steps to manage material contracts through this current crisis.

 

, , , , ,

COVID-19 and force majeure: A word of caution

The insurgence of the novel COVID-19 pandemic and its ensuing effect on the domestic and global economies has required companies to consider potential remedies should they, or their counterparties, not be able to perform under contracts. One potential remedy is force majeure.

 

, , , , ,

Breach of contract and repudiation: Affirm or accept the repudiation, not both

One of the more difficult issues in contractual disputes is sorting out what rights and obligations continue to exist when a party to a contract breaches the terms of the contract. Broadly speaking, the party that is in breach of a contract is refusing to perform duties or obligations under that contract and, as a result, is repudiating the contract.

 

, , ,

What one has earned – Courts impose compensation where parties fail to solidify a contract

While quantum meruit is a method by which a party who has given value to another to their own detriment may seek redress, the better alternative remains for parties to arrive at clearly agreed upon terms and to commit those terms to writing.

 

, , ,

When a party breaches a settlement agreement: Being made whole

A party that breaches a settlement agreement risks both being forced to complete the agreement and having to pay the legal costs of the party seeking to enforce the agreement.

 

, , , , ,