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Restrictive Covenants

In this article we look at the differences between the use of Restrictive Covenants in employment contracts and commercial contracts such as share purchase agreements. Background Restrictive covenants have been in the headlines recently, triggered by the government's consultation on whether their use stifles entrepreneurship by preventing workers from starting up their own business after leaving a job. Restrictive covenants are commonly used in employment contracts to prohibit ex-employees from competing with their previous employer by soliciting or dealing with their clients or poaching their remaining staff. As a matter…

Panama Papers fallout will impact every business

Media reporting on the so-called Panama Papers has focused on the tax affairs of wealthy individuals and international organisations, but the hacking of client files at Panamanian law firm Mossack Fonseca has implications for every business. The largest leak in history, with some 2.6 terabytes of data involved, the shockwaves of the Panama incident have been felt around the globe, and the hacking is a wake-up call to companies that don’t already treat their cyber-security with the same stringency as their legal, regulatory, financial or operational risks. This was a…

What do solicitors look for when evaluating contracts?

As Corporate lawyers we are regularly asked to read through and assess various contracts for clients. In today’s busy world most clients only need to know whether or not it is a well-written contract and whether or not it covers everything. However, when evaluating contracts there are many more points we look to cover. Essential terms One of the first things to check is whether or not all of the essential terms of the contract are there. Whilst a contract can technically be formed orally in most jurisdictions, a solid…

I want it in writing!

To create a legally binding contract there must be in place the following four key elements: An offer to enter into a contract from one party to the other; Acceptance of the offer; Intention of the parties to create legal relations; and Consideration - being something (often money) in exchange for what is being offered. With the exception of contracts for land in English Law, there is no requirement for a contract to be in writing, and a verbal contract is just as valid as a written one. Verbal contracts,…

Top 10 tips when selling your business

Deciding to sell your business is by no means an easy choice to make. Here are our top 10 tips for getting everything in order and preparing your business for sale. 1. Obtain a business valuation One of the first things you should do is obtain a realistic idea of what your business is worth from an objective, outside source. A professional valuation will give you a basis for gauging offers from buyers and will give you an idea of what you can expect to achieve on a sale. It…

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