An indemnity clause is common in many business contracts. Their general purpose is to shift the financial consequences of a problem from one party to another. However, not all indemnity clauses are built alike. What kind of indemnification is in your contract?...
The Daytona Law Blog
Delivery times are a critical part of a contract
It’s all too easy to assume that a breach of contract between two businesses means breaking the main terms of that contract. The truth is that every aspect of the contract has to be followed, right down to the time of each delivery. Say you run a company that sources...
When business partners have different goals, trouble can start
=In your mind, your vision for your new company is very clear. You know why you started the business, where you want it to go and what you hope it can be. The same is true for your business partner. They definitely understand their goals and their vision for the...
A 50-50 partnership may lead to deadlock
When starting a business with someone else, your gut probably tells you to split ownership 50-50. That seems fair, it makes both of you happy and you avoid insulting the other person by suggesting you should have more power or more control. You likely also think that...
Avoid these 3 common causes of shareholder disputes
Shareholder disputes are disputes that arise when shareholders are unhappy with the way your business is run or how the business has been represented to them. Generally speaking, shareholder disputes can be caused by the following three issues: Irresponsibility...
Passing your business on is possible with a succession plan
If you have a family business, something that you may want to do is to prepare to pass it on. You may already have an idea of who you want to have take over your company when you retire or pass away, so now is a good time to start succession planning to avoid...
Is your nondisclosure agreement enforceable?
Do you remember how much of a deal fast-food giants used to make of their so-called secret recipes? Whether there really was a secret ingredient in the Colonel’s chicken coating or Ronald’s hamburger relish may never be known. What is certain is that secrets can be...
Quick steps to take if your company is sued
The first lawsuit that a company faces is often a learning experience for the owners. If you’re in this position, your primary concern is going to be protecting the company that you spent your time building. While each situation has some unique considerations, there...
Trouble with your partner? It might be time to call an attorney
You loved the idea of working with a friend to start up your company. What you didn’t end up enjoying was how they were managing the business. Even though you were partners, they would often make decisions on their own. They’d take steps you weren’t happy with and...
If a property is misrepresented, you may be able to break the lease
As a business owner, you never expected to lease a property that wouldn’t be what you expected. You were trying to find the perfect place to create your main office, but what you ended up with was a nightmare. Though you did everything you could to make sure your...
