Are you buying or selling a business? Has a dispute arisen as to a stocktake matter, adjustments of a purchase price under a contract, or failure to pay a balance of purchase price? Our litigation and dispute resolution team regularly advise our clients on these issues and many others.
If the other party is not performing its obligations as you expected, seek early advice before you engage in any negotiations with it. Failure to do so may mean that you have lost or missed, some right otherwise available to you. Many contracts will stipulate particular time limits for undertaking certain steps. You may possibly lose the legal right to enforce certain rights, even if the contract does not stipulate a time period.
We also review your written terms and conditions of supply of goods and services, and it is advisable to have your terms and conditions reviewed regularly, to take into account any recent changes in the law. Some terms and conditions may create a security interest under the Personal Property Securities Act 2009 (Cth). If so, registration of your security interest may be required. Failure to register such a security interest may result in it being lost in certain circumstances.