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The use of side letters in commercial transactions is common. Ancillary to a contract, a side letter is used to clarify, supplement or vary the original agreement. The key question is whether or not it is in fact a legally binding contract.
In recent years, cloud computing has grown from being a promising business idea to a rapidly expanding quarter of the IT industry. Given the current economic landscape, companies are increasingly realising that simply by using cloud services they can gain fast access to best-of-breed business applications and/or upgrade their IT infrastructure and resources, at very affordable rates. But as more and more valuable data and information on both individuals and companies is placed in the cloud, the question is how safe is it from a legal perspective?
When a contract imposes an obligation on a party to do something in particular, failure to do it will usually amount to a breach of contract. To avoid this, those entering contracts often qualify their undertaking by only agreeing to use some form of ‘endeavours’ to achieve the outcome. But what these clauses mean in practical terms is anything but clear cut, as Patrick Peake explains.
When one is preoccupied with the everyday running of a business, or with the one-off opportunity of selling it, it is easy to overlook the importance of securing business property relief (BPR) – but this can be a hugely valuable relief against inheritance tax says partner Jenifer Gillman.
Retention of title clauses (ROT clauses) are commonly included in standard terms of business. They provide that ownership of goods only transfers to the buyer once he has paid for them. But how effective are such clauses?
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