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The Dilemma of Liquidated Damages: Even after Default, Fairness Remains a Key Component of Enforceability
A recent court decision striking down the liquidated damages provision of an aircraft lease should cause lessors to rethink (and possibly redraft), their standard remedies clauses.
In AAR International, Incorporated v. Nimelias Enterprises S.A., Vacances Heliades S.A. and Princess Airlines S.A., 2004 WL 2966659 (N.D. ILL.), No. 99 C 8090 (Dec. 1, 2004), the U.S. District Court for the Northern District of Illinois, applying Illinois law, declared the lessor's liquidated damages clause in an aircraft lease as an unenforceable penalty since such calculation both: 1) permitted spontaneous recovery by lessor of both actual and liquidated damages, and 2) did not take into account the early recapture of the leased aircraft and credit lessee with the difference between the estimated residual value at the end of the lease term and the greater value of the aircraft when it was repossessed.
New York's Latest Cybersecurity Commitment
On Aug. 9, 2023, Gov. Kathy Hochul introduced New York's inaugural comprehensive cybersecurity strategy. In sum, the plan aims to update government networks, bolster county-level digital defenses, and regulate critical infrastructure.
Law Firms are Reducing Redundant Real Estate by Bringing Support Services Back to the Office
A trend analysis of the benefits and challenges of bringing back administrative, word processing and billing services to law offices.
Bit Parts
Summary Judgment Denied Defendant in Declaratory Action by Producer of To Kill a Mockingbird Broadway Play Seeking Amateur Theatrical Rights
How AI Has Affected PR
When we consider how the use of AI affects legal PR and communications, we have to look at it as an industrywide global phenomenon. A recent online conference provided an overview of the latest AI trends in public relations, and specifically, the impact of AI on communications. Here are some of the key points and takeaways from several of the speakers, who provided current best practices, tips, concerns and case studies.