Many contracts have default provisions. These provisions set forth what actions or inaction must occur for a party to default under the Agreement and for the non-defaulting party to be entitled to recover damages and/or terminate that particular Agreement. In some circumstances, and often in the context of a loan, parties may enter into multiple [...]
Contrary to popular belief, employers are not obligated to provide severance pay upon an employee’s termination of employment due to a layoff. If an employer does choose to provide severance pay, it should be accompanied by a severance agreement. The most important provisions in a severance agreement are those regarding payment, non-competition, and the release [...]
Sometimes it’s easier to agree to something verbally, rather than put the agreement in writing. This is not usually a good business practice, however, because many problems can arise from verbal agreements. These problems include disputes over the terms of the contract, but also disputes over whether the contract itself is enforceable. Some oral contracts [...]
In a previous article we had examined the fact that the Michigan Court of Appeals affirmed the common law principle that contract provisions that shorten the statutory period for bringing a cause of action are allowable. Recently, the Court applied similar reasoning in affirming the principle that a contract can even limit the amount of [...]
If you are purchasing a Michigan business, then you need to be aware of Section 22 of the Michigan Employment Securing Act. If you are not aware of how Section 22 can affect you transaction, please read the article “SUCCESSION TO MICHIGAN UNEMPLOYMENT TAX EXPERIENCE ACCOUNT OF PURCHASED MICHIGAN BUSINESS” by Steve Dunn. Click here [...]
If you’re looking to buy a business, there is a lot to know before you actually make an offer. This is especially true if you’re looking to buy a business that owns a liquor license, such as a bar or restaurant. Once you’ve found the bar that you want to buy, the first step is [...]
In all aspects of business and contracting, but especially after a lawsuit has been filed or threatened, one party may approach the other party with a comprehensive release agreement as part of a settlement of the dispute. A release agreement is a form of contract wherein the party who has allegedly committed the wrong requests [...]
Unless the parties agree otherwise, the Statute of Limitations for a breach of contract claim in Michigan is six years. However, the parties may agree by contract to a shorter limitations period. A court would not enforce a one day or one week limitations period, but a contractual limitations period as short as one year [...]
The Michigan Sales Representatives Commission Act (“SRCA”), MCLA 600.2961, (Click here to view) provides protection for sales representatives from the company he is selling for (“principal”). The statute provides that representatives are to be paid what they are owed in a timely manner, and that intentional non-payment of commission by the principal will result in [...]
When entering into agreements with larger business entities, whether it be to lease a photocopier or host your website, for example, it is critical that you read the entire agreement, including one possibly costly paragraph – the choice of forum clause. A choice of forum clause binds the parties to litigate the matter in the [...]
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