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Last May, the Court of Appeals handed down a 4-3 decision in 159 MP Corp. v Redbridge Bedford, 33 N.Y.3d 353 (2019). The facts and opposing opinions were faithfully reported at length in many publications [including this one, as well as] the New York Law Journal’s June 18, 2019 Court of Appeals Roundup column by William T. Russell Jr. and Lynn K. Neuner. I have concluded, however, that further comment and analysis is warranted on the three-judge dissent, which, if adopted by the majority, would have fundamentally altered the very foundation of New York contract law. The court has, for many decades, consistently adhered to interpretive approaches focused on enforcing the contracting parties’ intent, as revealed in the plain language set forth within the four corners of an agreement. In sharp contrast, the dissent advanced a novel, policy-based means of adjudicating contract disputes that would put an end to the predictability and stability that have become hallmarks of New York contract law, and the reasons why contracting parties have so often specified application of New York law in their agreements.
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By Lisa Brown
The coronavirus has brokers guessing as to how this will affect leasing in the short term, and a report says leasing activity is likely to have a degree of decline in transaction volumes compared to pre-crisis expectations
By Lidia Dinkova
Much like other everyday activities, real estate transactions are coming to a halt because lenders are holding back over the coronavirus pandemic.
By Erika Morphy
Construction project delays that could put developers in default of their contracts. Now is the time to re-examine those contracts to see what exactly they have agreed to.
By Kenneth M. Block and Joshua M. Levy
This article covers the pricing of construction management agreements (CMAs), including the fee of the construction manager, general conditions costs, subcontract costs, contingency and insurance. Note: Where appropriate, we will make distinctions between “cost-plus” and guaranteed maximum price (GMP) CMAs.