In today’s increasingly digital world, writing checks may seem old-fashioned—but it still happens more often than many think. Unfortunately, sometimes checks are written without sufficient funds to cover them. In North Carolina, doing so isn’t just a mistake—it can carry serious legal consequences, both criminal and civil.
Construction contracts often include provisions governing payment terms between general contractors and subcontractors. One such provision is the “pay-if/when-paid” clause, which dictates that a subcontractor will receive payment only after the general contractor has been paid by the project owner. While “pay-if/when-paid” clauses may be enforceable in Arizona, Colorado, Georgia, Florida, Illinois, Michigan and Maryland, such clauses are unenforceable in the state of North Carolina.
When it comes to debt collection, a judgment lien can be a powerful tool for creditors. A judgment lien is created via a judgment against a defendant. This judgment lien allows a creditor to secure an interest in a debtor’s property. In North Carolina, this judgment lien gives the creditor the right to collect the debt by seizing and/or selling the debtor’s property, assets, and bank accounts if the debt remains unpaid.
In this session, we discuss the crucial contract provisions every business leader should understand to protect their interests when dealing with vendors customers and partners.
Have you ever looked at the payment terms on your invoices and quotation documents? What does the fine print say? Does it reflect what is in your signed contract with the other party? Do you have provisions for interest, attorneys’ fees, and restocking fees? Let’s look at some of the language to include in an invoice
We often assist clients with collecting accounts that are past due. Those clients often want to know if they can recover their attorneys’ fees. The answer we often give clients is that it depends. In the state of North Carolina, it has long been upheld by the courts that unless a statute specifically awards attorneys’ fees, each party is responsible for its own attorneys’ fees.
Contract disputes can arise in various business transactions, leading to significant legal and financial consequences for the parties involved. In North Carolina, contract law and North Carolina General Statutes govern the interpretation, enforcement, and resolution of such disputes. Understanding the key aspects of contract disputes in the state is essential for businesses and individuals seeking to protect their rights and navigate the legal landscape effectively. This article provides a brief overview of contract disputes in North Carolina, highlighting the relevant legal principles and avenues for resolution.
What Interest Rate Can I Charge in a Promissory Note?By Ian RichardsonAttorney at LawA question regarding what interest rate can be charged in North Carolina will almost certainly result in the classic lawyer answer of “it depends.” It depends on what type of loan is being made, the amount of the loan, how interest is compounded, the purpose of the …
Often, we see contracts, especially contracts for the sale of real property, which contain the words “time being of the essence” after a date or time. We tell people that these words are very important, because typically they are, as confirmed by the recent unpublished decision from the North Carolina Court of Appeals Strohm v. Morgan.
What is a breach of contract? What are damages? What are unfair and deceptive trade practice claims? What happens if signatures are questionable on contract documents? Attorneys James Vann and Jim Beck discussed these topics and more during this fast-paced webinar.
If any aspect of your business involves the extension of credit, you are taking a risk. Incorporating certain terms in your contracts can cover some of the costs of those risks. Whether you are leasing real estate to tenants, selling materials or renting equipment on credit, or loaning money, it is probably a good idea to consider including provisions for late fees, finance charges, and attorneys’ fees in your contracts.
A recent North Carolina Court of Appeals case provided insight to the significance of signatures in a contract and whether signatures are on behalf of a company, an individual and/or for a guaranty. The case is an unpublished opinion but provides insight. The case is Ascendum Machinery, Inc. Vs. Edward Kalebich.
Parties sometimes draft their own contracts. If it is a simple transaction or deal, or if they have a go-by to use, they might think, “Why not?” This can lead to some serious problems, not the least of which is that the contract does not state what the parties agreed to. I see this sometimes in my litigation practice. A client might ask us to demand that the other party do such and such. After reviewing the contract, we learn that the contract does not require the other party to do such and such. This problem can arise even in complex contracts drafted by lawyers and involving sophisticated business parties. A recent case out of the Fourth Circuit Court of Appeals reminds us of this pitfall.
A promissory note establishes a contractual obligation for one party to repay another and sets forth the payment terms and rights upon default. As its name implies, it is a promise made by one party to pay another. A note can be used to document the terms of a loan or a debt repayment. Our clients often use promissory notes secured by confessions of judgment to resolve past due accounts either before a lawsuit is filed or to settle a case after it is filed.
What constitutes a contract and when is a contract formed is a great question to consider. We look at a lot of contracts and issues for our clients surrounding contract questions. Many of our business clients have a great understanding of what a contract is and how it is formed. As we all continue to learn, some facts can change what appears to be a straightforward looking transaction.
In this session of Vann Attorneys Video Legal Pad Ian Richardson discusses “Are Verbal Contracts Enforceable?”
In this session of Vann Attorneys Video Legal Pad, James Vann discusses “Tips for Drafting Settlement Agreements”
Today, many people enter into contracts using electronic tools such as email, text message, phone messages, etc. Will contracts using these methods create binding contracts? Can these methods be used to change contracts that were entered into using paper and pen?
Given the current state of things, it can be very tempting for individuals and small businesses to want to take on new business ventures or enter into new business deals right now. When entering into any business agreement with any person or entity, new or familiar, we urge you to have a written contract detailing the terms and conditions of the agreement.
Why are contract terms even more important now given the impact of COVID-19? What contract terms might allow for unintended circumstances? We look to see how contract terms and conditions may impact your business, real estate transactions, contracts for services and supplier chains. Every situation and contract is different. Thus, it is important to know if you have exposure and how to respond.
