How can we create a better contract?

Contracts are used to control conduct, usually with incentives and penalties to ensure the desired outcome. Penalties and incentives place the focus on the desired outcomes, rather than what might make the best practical sense to serve the best interests and circumstances of those involved. For example, contracts that provide incentives for volume or higher prices, rather than quality or value, may lead to Read More

Have you heard of the Franchise Rule or the Business Opportunity Rule?

Many of us dream of financial independence and might consider investing in a business opportunity. A promise of no risk and big profits is often indicative of a scheme that could be fraudulent. The Federal Trade Commission (FTC) has two trade regulations to help protect against deceptive business opportunity schemes, the Franchise Rule, and the Business Opportunity Rule. The FTC’s Franchise Rule, when first Read More

Do you know who buys the debt you owe?

Debt buyers purchase debts from original creditors, intermediaries, or other debt buyers. Debt buyers come in various shapes and sizes. There are many small debt buyers, but most collection lawsuits are brought by BIG debt buyers, large corporations that do business on a large scale, often collecting debts under multiple names, like Sherman Financial Group, L.L.C. (subsidiaries include LVNV Funding, L.L.C. and Read More

A Buy-Sell Agreement, Why a Business Should Have One.

1. It is the plan to follow for the sale of the business. A business Buy-Sell agreement is the legal succession plan for selling a business. Buy-sell agreements can provide a reliable exit plan for business partners when they no longer want to have a stake in the company. 2. A Buy-Sell Agreement allows for tax and emergency planning. A Buy-Sell agreement should involve tax strategy to help minimize tax and other Read More

New Car Warranties

Generally speaking, automotive manufacturer warranties are based on the vehicle identification number (VIN). The warranty will transfer even if the vehicle is sold to another owner. Of course, you should check the written warranty terms, because for some components. the warranty period may be reduced when the vehicle is sold.  Always check the small print if you are buying a car with a manufacturer’s Read More

Home Warranties

Home warranties are intended to be insurance policies to protect against home system breakdowns. Prior to purchasing a home warranty, obtain a copy of the warranty to review and ask questions about coverage. Consider the following: Just like every insurance policy, warranties have exclusions. Determine what exclusions apply. For example, bathroom plumbing may be warrantied but the steam room or jacuzzi may be Read More

Heating Ventilation Air Conditioning (HVAC) Warranties

Prior to buying a new system, read the warranty so there are no surprises when you need to use it!  As with any warranty, ask questions about coverage of specific parts and the labor associated with repair or replacement of parts/components. An HVAC warranty should clearly explain coverage for labor, and­ all service call charges included and excluded, including any minimum charges for labor to replace a Read More

Heavy Equipment Warranties

  To reduce risks at construction sites, where heavy equipment is relied upon daily, it is vital that all equipment warranties are understood. Here are a few major points to consider when purchasing a heavy equipment warranty.   What is covered and what isn’t – You want to budget for potential repairs to any major equipment and, in order to do so accurately, you need to know what is or what isn’t Read More

COVID-19 & Business Insurance: Coverage of Business Income Loss

As I mentioned in our May 2020 Blog, the COVID-19 pandemic has generated concerns about many types of agreements. This month I decided to focus on business interruption in commercial insurance policies, also known as business income loss coverage. A bit of insight into the world of insurance may help you successfully pursue a claim to cover loss incurred due to COVID-19. Of course, much of the insight comes from Read More

COVID-19 & Contracts: What are my options?

COVID-19 has forced us into the unexpected with our personal and professional lives. With an event as extreme as the COVID-19 pandemic, there are concerns about all kinds of agreements, insurance, mortgage, debt obligations, lease, domestic relations, vendor, to name a few. Because nearly every agreement in our lives has been substantially affected, many of us are at a loss what to do. Understanding your options Read More