Buy & Sell Agreements

The Importance Of Buy & Sell Agreements For Small Businesses

Commercial lawyer in Albany
Geoff Baxter

For the purposes of this article, picture that you are in a partnership with someone and own a small business together. Your business is all set up legally according to the laws of business, and you and your partner pay taxes; everything is fine, right? Imagine your partner certainly goes through rough personal circumstances, such as getting a divorce or having to declare bankruptcy. What can you expect to happen when it comes to his part of your business? In a divorce, does it end up being given to his ex-wife, or perhaps the children? You have probably have many questions when pondering this scenario. Does this mean that the business is worth less money, or do you simply get to own the whole business now? How is your business protected, and what does this mean for you when these types of situations occur?

This is where the Buy & Sell Agreement stands in to help as sort of a prenuptial agreement of sorts. This type of agreement determines that happens when these unforeseen situations arise, such as the bankruptcy or divorce mentioned earlier, and additionally retirement, death and more. Essentially speaking, it covers all circumstances surrounding an owner leaving a business, whether by force or personal decision. With a Buy & Sell Agreement in place, the choice is made concerning the details of an owner selling his business share during these unforeseen circumstances.

Each Company Needs One

Each and every company out there needs a Buy & Sell Agreement in place. It should be created to fit each business uniquely, as every business has different needs. For instance, a provision can be made for the partner to be able to buy the person out of the business himself when these types of circumstances arise. There can also be a provision made for insurance to pay when something happens or even name a potential buyer.

Business woman and clientAnother important aspect of this type of agreement is that it can prevent partners from selling their business share to people that you wouldn’t agree with. In the instance of a divorce, it could be that the partner’s spouse gets their share of the business, that is unless you have put a Buy & Sell Agreement together beforehand.

These agreements can be helpful when it comes to other types of circumstances as well. For example, imagine your partner decides that he is burned out and wants to sell. The Buy & Sell Agreement can dictate who is eligible to buy the partner’s share, including whether or not you have the option of buying.

You can see now how the Buy & Sell Agreements are vital to the foundation of a business. They should be a part of your original business plan. All types of businesses benefit from these Buy & Sell Agreements, and the benefits mentioned here are just the beginning.

It is imperative that you talk to an experienced business law firm for Buy & Sell Agreements for your own peace of mind. For companies in Albany on Auckland’s North Shore, McVeagh Fleming is among the leading law firms in the area. There is more about them on their website here www.mcveaghfleming.co.nz

Contract Breach Lawyer in Auckland

Explaining a Breach Of Contract

Elyse Moore
Elyse Moore

A contract is a legal document that binds to parties to a legally enforceable agreement. The obligations of each party is laid out in the contract; one party may be committed to paying a certain price and the other to providing a particular service or product. If one party fulfils their legally binding duties even though the other party has been negligent in their commitment, the first party will be entitled to legal relief.

Breach of contract is the term for failure to fulfil the promises or commitments specified in the contract. Contracts can be breached in the following ways:

  • One party does not fulfill their duties as specified in the contract.
  • One party orchestrates an action to make it impossible for the other party to fulfil their duties.
  • One party makes it understood that they do not intend to uphold their side of the contract.

Written Contracts and Oral Contracts

Generally speaking both oral and written forms of contracts are legally enforceable, however it is always a better idea to have the details of the contract printed on paper to settle any disputes that may arise in the future. When it comes time to dispute oral contracts both parties can remember different versions of what was said and understood from the agreement.

Breach of Contract Damages Award

When a contract is breached the party that has fulfilled the terms of the contract is entitled to a number of remedies for the breach of contract. The most common form of remedy provided for the party that fulfilled their duty is awarding damages. This damages award is to compensate the party for any expenses related to the breach of contract. Damages awards may include:

Consequential Damages -This award demands that the breaching party compensate the non-breaching party in the amount they would have gained if the contract had been fulfilled as planned.

Punitive Damages- Courts can force a party to pay an amount as a penalty for breaching the contract.

Liquidated Damages – Both parties agree when the contract is signed that if either party breaches the contract they must pay the non-breaching party a specified amount of money. The details and amounts are agreed upon at the time of the signing.

Nominal Damages – This minimal amount of compensation is granted to the non-breaching party if they win the case but do not financially lose anything.

Breach of Contract Equitable Remedy

In certain claims of breach of contract, damages awards are not applicable by law or are inappropriate in some other way. In these situations, a court may respond by ordering one of the parties to take remedial actions to resolve the dispute. These are called “Equitable Remedies” and can include.

  • Specific Performance – This when the court requires a certain party to perform their duties as outlined in the contract. This is not always afforded by a court.
  • Rescission – This when a court revokes the contract or acts as if it never existed. In this case, neither party will be required to fulfil their required duties. If one of the parties has performed their duties then the court does its best to restore this party to the position they were at before the contract.

Time Limit for Filing a Breach of Contract

The time limit, known as a statute of limitations, varies depending on when the breach occurred but in general must be within six years. This is the time period in which people can file a lawsuit for a breach of contract. If a party hopes to be compensated for a breach and seeks remedy awards they must file their case within this time frame or their case will be dismissed. The statute of limitations varies from state to state.

Breach of Contract Lawyers

Contract law is complicated affair. Consulting a reliable business lawyer can help you to identify the particulars of defining breach of contract and how you can be best prepared for such a situation. Furthermore, a qualified lawyer can help you to look at a contract from a legal perspective help you negotiate the terms and advise you against potential problems. Having a local contract lawyer in Auckland to advise you with the original signing of a contract can provide a measure of security against future disputes.

However, if something does go wrong then you need to meet your lawyer for breaching of a contract to resolve the dispute. In central Auckland, McVeagh Fleming has a large specialist team who can give you some help. Contact them via their website and they will be able to give you definitive advice on your case.

www.mcveaghfleming.co.nz

Commercial Stock Footage Licenses

What Can You Do With Commercial Stock Footage Licenses?

Commercial Stock Footage Licenses
Commercial Stock Footage Licenses

If you are keen to use stock photos and videos, then you probably already know that these items do not always come for free. Sometimes, especially when you need something of quality, you need to pay for a commercial stock footage license.

Thankfully, there are many websites out there that specialize in stock footage and pictures, which means that you have a lot of choices, not just in terms of the material you can download, but also their price range.

When you purchase stock footage from stock video sites, you are licensed or have the authority to utilize it for your projects within the ways referred to by each clip’s license. Release status also determines how clips might be used.

Royalty-free clips might be employed for a limitless quantity of projects and mediums, for limitless duration, worldwide. The benefits of royalty-free clips are flexibility and convenience.

Rights-managed video material are licensed to use per project, based on a mix of medium (for example TV program, advertising, or film), usage (for example theatrical or festival uses), scale (region or audience), and duration (for example, twelve months or for the lifetime of the project).


Whenever you buy a license for a rights-managed clip, you might request usage history, permitting you to be sure that your clip has been utilized in an authentic or unique context in comparison to previous usages. Exclusive privileges can also be found, whereby you have the exclusive right to use the material.

Whatever license you prefer, just know that there’s a price for it, but that you always get what you pay for. Obviously, the more exclusive the license, the more expensive the material would be. Just like everything else in life, you only get what you pay for.

As we said earlier, there are many websites where you can buy stock video materials from. For complete licensing information, make sure to read the complete terms of use at stated in a website’s Terms Of Use.

Any commercial stock footage license, whether royalty-free or privileges-handled, also offers a release status, which defines how clips may legally be utilized, according to permissions granted.

Some clips on a website don’t provide model and property releases, or contain identifiable designs, logos, or trademarks. These might be utilized in editorial contexts only, for example documentaries, non-fiction shorts, or news. You can also use them in professional television as well as web-based advertising and marketing work. You can also use them in corporate promotions, video tutorials, video editorials, documentaries, internet sites, games and also mobile programs.

If you are going to use commercial video footage material, you will want to use a website that provides high-quality footage. Remember that these materials cost money, you will want to make sure you are using only material that you can use. Stock Giant is a newcomer to the commercial stock footage market but already they have thousands of video clips to licence.

There are stock footage websites out there that provide free material. Based on our experience, however, the materials found on these so-called free websites are totally bad and totally useless. It’s better to pay for commercial stock footage license, really.

Www.stockgiant.net/