By: Jeffrey M. Kraft Despite the best efforts of their drafters, contracts cannot always account for all variables that may arise during the performance of a contract, particularly when the contracts seek to govern the business relationship between parties over an extended period of… Read More >
Business
Contract Modifications: Why It’s Important to Consider Both Sides
Using Material Price Escalation Clauses to Offset Increasing Input Costs and Forecasting Post-Pandemic Price Drops
By: Tyler S. Lemen Since March of last year, construction input prices are up 12.4%. Certain materials, like softwood lumber, iron, and steel, are up 83.4% and 37.5 %, respectively, since this time last year. COVID-19 undoubtedly played a role in year-over-year price growth… Read More >
State Legislature Passes COVID-19 Immunity Measures for Indiana Businesses
By: Tyler S. Lemen Update: SB 1 was signed into law by Governor Eric Holcomb on February 18, 2021 Protecting businesses from potential COVID-19 liability has been a top priority for Indiana legislators in the 2021 session. On January 4, 2021, Senate Bill 1… Read More >
Indiana Courts Begin Hearing Claims Against Insurers for Business Interruption Coverage Due to COVID-19
By: Melanie Kalmbach Since the COVID-19 pandemic initially shocked the world, there has been an influx of lawsuits filed by restaurants, stores, and other businesses against their insurers alleging coverage for lost “business income”, “extra expenses” and coverage for actions taken by a “civil… Read More >
Did You Promise Him a Rose Garden? The Duty of Best Efforts in Contract Law
By: David L. Simmons, Drewry Simmons Vornehm, LLP Contracts frequently contain conditions that specify the level of performance required by the parties. For example, some contracts require a party to exercise “commercially reasonable efforts” in performance of its obligations. Not infrequently, contracts contain a… Read More >
Businesses Have a New Remedy to Protect Trade Secrets
By: David L. Simmons, Drewry Simmons Vornehm, LLP A new federal law governing trade secrets – the “Defend Trade Secrets Act” (DTSA) – went into effect on May 11, 2016. The DTSA authorizes a company that has been the victim of trade secret theft… Read More >
When Are Trust Funds Vulnerable To The Claims of Creditors?
By: David L. Simmons, Drewry Simmons Vornehm, LLP A trust is frequently used in estate planning to preserve assets from the claims of creditors. For example, a “settlor” may create a “spendthrift trust” for the welfare and support of a “beneficiary.” The settlor names… Read More >