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When faced with a transaction in which the arbitration of potential future disputes would offer advantages over court litigation or other forms of dispute resolution, a critical first step is to create a workable, enforceable arbitration agreement. In most instances, this agreement will be the "arbitration clause" included in the lease. A poorly drafted arbitration clause can create time-consuming and costly delays to the arbitration process. Arbitration agreements must be drafted carefully, and expert advice should be sought on all but the most straightforward two-party, single-contract cases. For U.S. parties involved in cross-border transactions, an arbitration agreement may be more appealing than court litigation because of the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (the "New York Convention") under which awards may be enforced abroad with relative ease. The New York Convention currently has 137 signatory countries. No analogous treaty currently exists for court awards rendered in the United States.
There have been three recent developments in two state courts in the closely watched NorVergence matter. First, a Florida circuit court judge dismissed the State Attorney General's suit against a number of leasing companies, holding that the leasing companies had not violated Florida's laws. Among other things, the court stated that the hell and high water and the waiver of defense and warranties clauses are permitted under Florida law and that the NorVergence forum selection clause is valid and enforceable under Florida law.
The world is rapidly becoming a smaller place in which to do business. And as international borders and boundaries become less of a barrier to business, participants in equipment leasing and finance find their world getting smaller, as well. "Globalization" is now an accepted and well-understood concept in most industries and markets, and it is no longer limited to large multinational corporations or institutions. With suppliers, vendors, and customers in many countries on several continents, all linked through the omnipresent Web and Internet, even small, independent businesses may successfully operate across borders.
Under the Bankruptcy Code, whether a lease is a true lease or a disguised security agreement also has serious consequences. If a lease is a true lease, and the debtor in possession has need of the equipment or other leased property, the lessor is entitled to receive all the payments due under the contract. If a lease is not a true lease but is a disguised security agreement, the lender is only entitled to the lesser of what is owed and the property's value, which could be significantly less than the totality of the lease payments. The balance will be treated as a general unsecured claim. Further, the creditor will only be entitled to the value of the collateral if it perfected its lien. If it did not perfect, its entire claim will be treated as a general secured claim (which is why informational filings of UCC-1 forms are recommended in lease transactions). Even if it did perfect, payment could be delayed until a plan is confirmed and even then stretched out over the length of the plan as opposed to the terms required by the original contract. For these reasons, usually the debtor will argue that the lease is a disguised security agreement, and the creditor will argue that the lease is a true lease.
Features
Before I talk about this month's issue I wanted to take this opportunity to remind everyone that there will be a special July/August issue of Marketing…
Features
When "sales" was still just a five-letter word in law firms, lawyers found some comfort in the basics of marketing. They could get the name of the firm "out there" without actually having to do much themselves. <br>In the last 5 years, though, firms have increasingly looked at activities such as media relations, seminars, brochures and Web development as low return activities. Business development, in contrast, seemingly offers a much higher return on investment by focusing the money on the prospects most likely to buy. As a logical extension, a number of firms have shifted their marketing budget largely to business development activities. And, even from the point of view of a strict marketer, this is not all bad.
<i>Free Publicity</i> is a concise but substantial look into the mechanisms and motivations of the modern media. The book is full of short and succinct examples of how ordinary people and businesses have been successful using the press to promote their own agendas. As the title suggests, if you know how to work the system, you too can spread your message around the world without spending a cent.
Features
There are those in PR who are just plain annoying. I used to think ' during my live TV days at CNN ' What is their objective? Getting to speak to me, or pitching a story? I think for many, it was the former. If they didn't have their pitch down in 20 seconds, they lost me and got "whacked!" For many, I never returned calls. Nothing personal, I just didn't have time to return all of them; if I had, I would have missed my deadlines and been out of a job! <br>Here are some basic rules for how not to become a public relations flack that's whacked!
Features
As the competition for premier legal work continues to stiffen, firms are increasingly forced to change the way they position, promote and sell themselves. Firm leaders and marketing professionals face a daily battle of convincing their professionals that the tactics of 15, 10, even 5 years ago may no longer be relevant. <br>Often, the most persuasive ammunition a marketing agent can possess is the opinion of a client ' someone who is a professional buyer of legal services.
Cross selling is an elusive goal for law firms. The idea is simple: To interest clients that are using one practice area in using a second or third area. But the devil is in the details, and most cross-selling plans fail as soon as they meet one of several common objections. <br>As a result, to paraphrase Mark Twain, everyone talks about cross selling, but nobody is doing anything about it.
