Gain a better understanding of commercial contract breaches and remedies.
Business executives often enter into commercial contracts with optimism, happy to have negotiated an agreement for a new project and excited about getting started. Unfortunately, that optimism often leads businesspeople to fail to prepare for what might happen should the work not go as planned. Indeed, many times businesses enter into contracts without paying due attention to provisions regarding potential damages and remedial measures. The reality is that every contract involves risk, and it is critical for a businessperson to understand the contractual tools available to help mitigate against risk and learn how to use them. This topic helps businesspeople, and those who advise them, learn how to plan for when things go wrong with a commercial contract. The material explains how risk can be mitigated using contractual provisions, and helps businesspeople understand the nature of contractual remedies, the types of damages commonly arising from commercial contracts, key contractual provisions which can limit recovery of damages and different methods for enforcement of remedies. Failing to effectively plan for contractual remedies is a common error that can lead to huge losses, and this material will provide businesspeople with crucial information to help them avoid making that common mistake.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
Introduction - How to Plan for When Things Go Wrong
Negotiation Considerations
- Know Your Industry
- Know Your Bargaining Strength
- Know What Is Important to You
Key Drafting Elements
- Importance of Clarity
- Using Jargon Judiciously
- Use of Standard and/or Commercially Available Contract Documents
- How Do You Know Whether Your Contract Has Been Breached?
- Examples
Damages
- Types of Damages - Consequential, Incidental, Liquidated, Damages for Delay and More
- Limiting Damages Through Contractual Provisions
- Attorneys' Fees Provisions
- Statutory and Other Extra-Contractual Damages
- Sample Provisions
Termination
- Ending a Contract Prior to Full Performance
- Termination for Convenience
- Termination for Cause
- Consequences
- Sample Termination Provisions
Indemnity, Insurance and Bonds
- Indemnity Clauses
- Insurance Considerations
- Bonds
- Samples
Enforcement
- Enforcement Considerations - Understanding Your Options
- Dispute Resolution Methods/Models; Venue, Choice of Law
- Judgments
- Examples
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on November 16, 2020.
Call 1-866-352-9540 for further credit information.
- CA MCLE 1.5
- Lorman Education Services is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 CLE hours of participatory credit.
To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Mohammad A. Ghiasuddin, Esq.
Margolis Edelstein
- Partner at Margolis Edelstein in Philadelphia, PA
- Concentrating his practice in the areas of commercial litigation, construction litigation, and professional liability
- A seasoned attorney with some 18 years of experience representing businesses, with a strong focus in matters relating to construction projects
- Practice includes the representation of property developers, builders, contractors, manufacturers, and suppliers, as well as engineers, architects, and other design professionals
- Has extensive experience in commercial disputes including claims for breach of contract, breach of noncompetition agreements, business torts, claims for defective workmanship, payment claims, mechanics’ lien claims, claims for delays, surety bond claims, indemnity issues, and insurance coverage matters
- Handles claims involving alleged defective construction, design defects, and related professional liability issues
- A skilled commercial litigator and an advisor to his clients, assisting them in reviewing and negotiating contracts and providing risk management advice
- Has again been selected by his peers as a Super Lawyer, in earlier years as an attorney, he was selected as a Super Lawyer-Rising Star for multiple years
- A former director of the Montgomery County Bar Association and former chairperson of the Montgomery County Bar Association Diversity Committee
- Currently serves as a member of the Pennsylvania Bar Association Diversity Task Force
- Member of the Pennsylvania Bar Association, the Philadelphia Bar Association, the American Bar Association, and the Montgomery County Bar Association
- Is admitted to practice in Pennsylvania, the United States District Court for the Eastern District of Pennsylvania, the United States District Court for the Middle District of Pennsylvania, and the Third Circuit Court of Appeals
- LL.M. degree, Trial Advocacy, Temple University - James E. Beasley School of Law; J.D. degree, Law, The George Washington University Law School; B.A. degree, International Politics, Penn State University
- Can be contacted at 215-931-5802, [email protected], or https://www.linkedin.com/in/mohammad-ghiasuddin-6703495/
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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