Section 76 Risk of Not Closing (New Section)

• Library: Business Transitions 2009 Supp

Purchase agreements will typically include a section dealing with:

• whether the signed agreement can be terminated; and

• what the economic and other repercussions are if one party fails to close for a reason other than specifically permitted in the agreement

These provisions are always important but increasingly so in times like these when the actions of third parties are less certain and difficult to predict. The number of items that could be included in “force majeure”-type clauses (acts of...