• Commercial Contracts: Fault Mines in Fine Print
  • September 12, 2004 | Author: Robert M. O'Boyle
  • Law Firm: Strasburger & Price, LLP - Austin Office
  • What are the most typical pitfalls you see today in commercial contracts and agreements?

    Transaction lawyers must insist upon careful planning and drafting of agreements, despite certain clients' distaste for lawyers and legal fees. Common contract problems (which typically surface in litigation) include failure to define terms and to identify who owns the product, service, program, etc. Similarly, contracts must explain how the parties "divorce" if the deal turns sour, and what remedies are available and in what forum. As the contract is drafted, remember the obligations of Sarbanes-Oxley and, in international transactions, the "deemed export" regulations of the Bureau of Industry and Security.