Where a party to a contract is an incorporated company, any restriction on the assignment of the contract may be circumvented by transferring the shares in that party to a new owner. A share transfer might also circumvent pre-emptive rights that may apply to the sale of assets. Counterparties therefore seek to manage that risk […]
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A lease is the grant of an exclusive right to the use and occupation of land or part thereof, or of a building of part thereof. A lease is made between the owner of land (Landlord / Lessor) and the person wishing to occupy the land (Tenant / Lessee). A lease must be for a
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The Australian Government is soliciting feedback on worker non-compete clauses. This follows a U.S. policy banning non-compete clauses. In Australia such clauses are currently considered contrary to public policy unless reasonable.
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Requests generally ask for a “certified copy”, or less commonly a “notarised copy”. What does that mean?
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A negotiable instrument is a signed document guaranteeing payment to a specific party. Additionally, debentures are regulated as securities under the Corporations Act.
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The general law allows parties to claim legal costs upon an order for costs in litigation. Parties can allocate legal costs via contract clauses. Different clauses exist for various transactions, and courts have discretion in awarding costs. Alternative wording may create an obligation to pay legal costs triggered by enforcement attempts.
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A collateral contract was originally conceived as an oral promise in consideration of the promisee entering into the main written agreement.
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Two different types of variable interest rate are common. The first is a variable rate where the rate is calculated by a precise method and not determined by the lender. The second is where the lender has the discretion to set the variable interest rate, often expressed in unlimited terms. Example 1 – Precise Calculation
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A fiduciary duty is imposed by the common law to a range of relationship of trust and confidence, including trustee and beneficiary, agent and principal, solicitor and client, employee and employer, director and company, and partners.[1] The person who owes the duty – such as a trustee, agent or solicitor – is referred to as
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The functions of the Reserve Bank Board, and by extension its Governor, Dr. Philip Lowe, are set out in section 10(2) of the Reserve Bank Act 1959 (Cth): It is the duty of the Reserve Bank Board, within the limits of its powers, to ensure that the monetary and banking policy of the Bank is directed to
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