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Drafting and negotiating a limitation of liability clause—checklist

Drafting and negotiating a limitation of liability clause—checklist This Checklist sets out the key issues to consider when drafting and negotiating a limitation of liability clause in a business-to-business (B2B) contract. It provides practical guidance for negotiating and drafting limitation of liability clauses (also known as limitation clauses, exclusion of liability clauses, exclusion clauses and exemption clauses) in a commercial contract and considers the implications of common law and statutory controls, including the Unfair Contract Terms Act 1977 (UCTA 1977) and the Misrepresentation Act 1967 (MA 1967). It considers: • general drafting points for limitation of liability clauses • key issues to consider • party specific considerations • drafting financial caps • summary of the key common law and statutory controls, and • other ways to limit or exclude liability For a precedent limitation of liability clause together with detailed drafting notes, see Precedent: Limitation of liability clause. For information on exclusion and limitation of liability generally, see Practice Note: Exclusion and limitation of liability. General drafting points for limitation...

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Recklessness in criminal cases

The subjective test for recklessnessCertain statutory and common law offences allow the prosecution to prove the mens rea on the basis of ‘recklessness’. In essence, recklessness means the taking of an unjustified risk by the accused that leads to unlawful harm or damage.The subjective test for recklessness was reaffirmed by the House of Lords in R v G. Before R v G, there were two tests for recklessness, with the applicable test depending on the substantive offence charged. The two tests were for:•subjective recklessness as established by R v Cunningham. This test required the prosecution to prove that the accused had foreseen the risk themselves•objective recklessness as established by R v Caldwell. This test required the prosecution to prove that the risk would have been obvious to a reasonable person. The prosecution were not required to prove that the accused themselves foresaw the riskThe House of Lords in R v G held that the objective test could cause unfairness in circumstances where a defendant did not foresee the unlawful consequences...

Attempt

A person is guilty of attempting to commit an offence if they do an act that is more than preparatory to the commission of the offence, with the intention of committing an offence. An attempt is an offence of specific intent. It requires an intention to commit an offence. The offence itself consists of both a criminal act and a mental state. In each case it is a question of fact whether the accused has gone sufficiently far towards the full offence to have committed the act of the attempt. If the accused has passed the preparatory stage the offence of attempt has been committed and it is no defence that they then withdrew from committing the completed offence.Most attempts at committing criminal offences will be governed by section 1 of the Criminal Attempts Act 1981 (CAA 1981), although some statutory exceptions apply. These include:•burglary under section 9(1)(b) of the Theft Act 1968 (TA 1968), and•using a firearm to resist arrest under section 17 of the Firearms Act 1968 (FiA...

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Contract for sale (residential)—leasehold (for use with the Law Society’s Conveyancing Protocol)

Contract for sale (residential)—leasehold (for use with the Law Society’s Conveyancing Protocol) Date [date] Parties 1 [name of (first) Seller] [and [name of second Seller] both] [of OR incorporated in England and Wales with company registration number [number] whose registered office is at] [address] ([together] Seller) 2 [name of (first) Buyer] [and [name of second Buyer] both] [of OR incorporated in England and Wales with company registration number [number] whose registered office is at] [address] ([together] Buyer) 1 Definitions In this Agreement, the following definitions apply: Actual Completion • the date of the Transfer of the Property, and references in the Standard Conditions to 'actual completion' must be read accordingly; Consent • Landlord's [and Superior Landlord's] consent to the [transfer OR assignment] of the Lease; Charge[s] • [the charge[s] appearing at entr[y OR ies OR [number(s)] in the charges register of title number [number] at [date of official copy entries]] [except any financial charges inferior in...

Legal opinion-issuer’s counsel (US IPO)

Legal opinion-issuer’s counsel (US IPO) [Firm Letterhead] [[Insert name]] [[Insert name]] [[Insert name]] [c/o [Insert name]] [[Insert name]] Re: [Insert name of matter] Dear [insert text] We have acted as counsel to [insert name of company], a [insert nature of company] (the Company), in connection with the registration under the Securities Act 1933, as amended (the Securities Act), of (i) [insert amount of shares] shares (the Firm Shares) of the Company's common stock, par value $[insert amount] per share (the Common Stock), and (ii) up to an additional [insert number of shares]shares of Common Stock (the Option Shares), pursuant to an overallotment option granted by the Company to the underwriters listed on Schedule I hereto (the Underwriters), and the public offering thereof pursuant to an underwriting agreement, dated [insert date], by and among Company and the Underwriters (the Underwriting Agreement). This opinion is delivered pursuant to Section [insert section number] of the Underwriting Agreement. Capitalised terms not otherwise defined herein...

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If a partner causes a general partnership to incur additional expenditure in breach of the duty of good faith, can those losses be claimed as damages?

If a partner causes a general partnership to incur additional expenditure in breach of the duty of good faith, can those losses be claimed as damages? Duty of good faith The question of whether a partner has breached their duty of good faith, and whether that breach is sound in damages, will depend on the particular circumstances. This Q&A looks at some of the key considerations focussing on the law relating to general partnerships (as opposed to limited partnerships or limited liability partnerships). The main source of legislative authority on general partnerships is the Partnership Act 1890 (PA 1890), which sets out default provisions that apply to a partnership in the absence of an agreement to the contrary. These default provisions, or any provision in a written agreement, may be varied by the consent of all the partners. Such consent may be either express or inferred from a course of dealing. A partner owes a duty of good faith to fellow partners in all partnership matters....

What do gross negligence, wilful misconduct and deliberate default mean in commercial law?

What do gross negligence, wilful misconduct and deliberate default mean in commercial law? The parties to commercial contracts sometimes agree that exclusion and limitation of liability provisions will not apply if one of the parties has deliberately breached the contract or been so negligent that it would be unfair to protect them from liability. Over the years, a range of contractual language has been used to describe such conduct. None of the common terms have an established legal meaning (and are often not defined in the contract) and the courts are left to decide what exactly the parties intended. This Q&A explains how the courts have interpreted three of the most common formulations: • gross negligence • wilful misconduct • deliberate default It also explains the default position in relation to deliberate breaches if the contract is silent. Gross Negligence Although negligence is a term which is clearly understood in tort, there is no English law concept of gross negligence (other than in criminal law) and...

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Key points from UK prospectus regime reform consultation

Law360, Expert analysis: On 26 July 2024, the Financial Conduct Authority (FCA) published a consultation paper proposing reforms to the UK prospectus regime. The proposed reforms have significant implications for initial public offerings and secondary equity issuances where securities are to be admitted to trading on a UK regulated market, such as the main market of the London Stock Exchange (LSE), or a UK multilateral trading facility (MTF), such as AIM. Written by Vanessa Blackmore, partner, Ben Perry, partner, and Matthew Triggs, practice area associate, at Sullivan & Cromwell LLP.

SFO to pay ENRC £9m as it plans to appeal costs findings

Law360: The Serious Fraud Office (SFO) said on 25 March 2024 that it will dispute findings that it persuaded a former Dechert partner to divulge confidential information about Eurasian Natural Resources Corporation (ENRC), as the agency agreed to initially pay the mining company £9m (US$11.4m) in damages.