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A condition is a term of the contract that is so significant that it goes to the heart of the transaction—so it is a major term of the agreement.
If a condition is breached, the injured party may terminate the contract and claim damages for any loss. Alternatively, the innocent party may choose to affirm the contract despite the breach and claim damages. Sometimes it is also called a fundamental term.
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Drafting a building contract/schedule of amendments—checklist Once the procurement route and form of building contract has been selected (see Practice Note: Choosing the right procurement method—construction projects) the employer should consider the following matters and incorporate the appropriate drafting in the building contract particulars and schedule of amendments. This Checklist assumes that the parties are using a standard form of building contract, such as a JCT form, and that the employer is proposing the first draft including the completed contract particulars and a schedule of amendments, which amends the standard terms. This list is not exhaustive, however, and there may be other project specific matters/risks that need to be taken into account: Contractual matters • Carry out due diligence on the contractor The employer needs to carry out due diligence on the contractor at the outset to determine whether its financial position is acceptable. Confirm the contractor’s company number and name at Companies House. • Obtain consultants’ details Confirm the full details of the consultants engaged by the employer; some...
Option agreements—acting for the buyer—checklist Call or put option? In a 'call' option the buyer will have control in that it may call for a transfer of the property. A 'put' option gives the seller control in that it can require the buyer to take a transfer of the property and therefore the buyer should be especially vigilant in ensuring that the terms for the transfer (particularly those relating to valuation and, if appropriate, insurance) are as favourable as possible. Seller's charges If the property is already mortgaged at the date of grant of the option agreement, there is a risk that the mortgagee may overreach the option by exercising its power of sale. Therefore ensure that the mortgagee either: • joins into the agreement (this is rare in practice), or • provides written consent to the granting of the option In either case, the mortgagee should confirm that if the buyer exercises the option it will acquire the property free from the charge or, if the mortgagee...
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This Practice Note summarises the practical steps which a business can take to successfully incorporate its standard form terms and conditions into contracts and agreements. It provides guidance on how to ensure that one party’s standard terms and conditions are incorporated into a contract, how to win the battle of the forms and how to prevail over attempts by the other party to incorporate their standard terms and conditions into the contract. See also: Effectively incorporating standard terms and conditions—checklist.For guidance on the purpose, advantages and disadvantages of using standard terms and conditions, see Practice Note: Standard terms and conditions—advantages and disadvantages.For guidance on drafting standard terms and conditions for business to business (B2B) transactions, see:•Practice Note: Key terms and conditions in commercial contracts•Drafting terms for the supply of services—business to business—checklist•Drafting terms for the sale of goods—business to business—checklistFor guidance on reviewing another party’s B2B standard terms and conditions, see:•Contracting on another party’s standard terms and conditions (B2B)—checklist•Reviewing terms for the purchase of goods or services as a buyer—business...
This Practice Note considers some of the key terms and conditions found in business-to-business (B2B) commercial contracts. It sets out the general drafting considerations and considers some of the key operative provisions, such as term, primary obligations, warranties, price and payment, confidentiality, intellectual property rights, data protection, liability and limitation of liability, indemnities, termination, and consequences of termination.For links to more detailed commentary on commercial contracts, generally, see:•Commercial clauses—overview•Definitions—overview•Boilerplate clauses—overview and Practice Note: The role of boilerplateSee also: Commercial contract drafting and review—checklist and Commercial contract review and execution (business personnel)—checklist.For more specific guidance when considering the supply of services, see also Practice Note: Negotiation guide: services agreements.Initial considerationsStructure and formThe initial consideration for any contract must be what form it will take, and that decision will largely be informed by what the contract is seeking to achieve and in what environment it is expected to be entered into. For example, simple contracts are capable of being entered into orally, in writing or by conduct; whereas some agreements require greater...
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Letter of instruction to single joint expert—employment tribunal proceedings Private & confidential [Insert name and address of expert] [Insert date] Dear [insert name of expert] [Insert case heading, eg Ms R Jones v Supermarkets Plc, ET Case Number: 12345] Instruction to act as single joint expert Thank you for agreeing to act as the expert witness in this matter. As you know you will be acting as a single joint expert. We act for [insert name of client] who is [bringing OR defending OR an employment tribunal claim against [insert name of opposing party/parties]. This letter has been countersigned by the solicitors acting on behalf of [insert name of opposing party/parties] to confirm their agreement to the terms of this letter. The aim of this letter is to provide you with the relevant factual background, key documents and to identify the issues you will need to consider. As an expert witness you will be aware of the need for you to comply with certain duties and ensure...
Unapproved share option agreement—standalone deed for employee This AGREEMENT is made on [insert date of execution of the share option agreement] Parties 1 [insert name of company whose shares are being granted under option] (registered number [insert registered number of company]) whose registered office is at [insert registered address of company] (the Company);[and] 2 [insert name of option holder] of [insert address of option holder] (the Option Holder) [and] 3 [[insert name of grantor (if different from company)] of [insert address of grantor] (the Grantor)] Background (A) [The Company has agreed to grant to the Option Holder as at the date of this Agreement an Option to acquire Shares on the terms set out in this Agreement. OR The Company and the Grantor intend that, as at the date of this Agreement, the Option Holder be granted an Option to acquire Shares on the terms set out in this Agreement.] (B) [The Company will satisfy the exercise of the Option by transferring or procuring the...
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How are charities handled under the PSC regime? The two main categories of entity that should be recorded on a PSC register are registrable individuals with 'significant control' (as defined in accordance with the five conditions set out in Schedule 1A, Part 1 to the Companies Act 2006 (CA 2006)), and any other registrable 'relevant legal entities' (RLEs) that have significant control and are 'subject to their own disclosure requirements'. Charities typically establish themselves as either trusts, unincorporated associations, charitable incorporated organisations (CIOs) or companies limited by guarantee. Some of these structures will therefore have to maintain their own PSC register. In addition, if they are themselves legal entities, they are likely to be registrable RLEs which may appear in the PSC register of a particular company or LLP which they happen to have significant control or influence over. Others may not be registrable RLEs but any investigating company or LLP must then trace through these entities until it finds an indirect PSC or RLE (or otherwise determine...
Is security for costs available against a company prior to starting proceeding? Just because a company is based abroad in a non-convention state, is security for costs automatically granted? Is security for costs available against a company prior to starting proceedings? Security for costs is only available when there are actual court proceedings. It is not available pre-action. Although pre-action costs can be recovered in litigation and may, therefore, form part of an application for security, there is little that defendants can do to protect themselves regarding pre-action costs if there is no subsequent litigation. For guidance on recovering pre-action costs, see Practice Note: Pre-action—costs recovery. Just because a company is based abroad in a non-convention state, is security for costs automatically granted? Pursuant to CPR 25.13, a court may make an order for security for costs if: ‘it is satisfied, having regard to all the circumstances of the case, that it is just to make such an order, and… one or more of the conditions in...
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Tax analysis: In Nellsar, the Upper Tribunal (UT) dismissed both parties’ appeals and affirmed the decision of the First-tier Tax Tribunal (FTT). In the context of acquiring care homes as a going concern, the purchase price should, on the basis of accounts compliant with generally accepted accounting principles (GAAP), be allocated to the care home properties using market value rather than depreciated replacement cost (DRC) for the purposes of corporation tax relief on amortisation of goodwill under the intangible fixed assets (IFA) regime and for the purposes of SDLT.
A round-up of the latest environmental enforcement, including a £15.7m enforcement package secured by Ofwat from a wastewater company following an investigation into wastewater management failures.
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