Lawsuits have become long and costly for many businesses. The average civil case now takes about two years to go trial. Pre-trial litigation issues can often extend the timeline for cases and make them more costly. To this end, many businesses seek to preempt pre-trial litigation by entering into contracts that decide these issues in advance. These preemptions however can take the form of standard language that only appears briefly at the end of contracts, causing companies to overlook them.
Credit can make or break a business. And it cuts both ways. While smaller businesses may mostly think of credit in terms of bank loans and mortgages, almost all businesses run with some degree of accounts receivable. As far as business assets go, accounts receivable poses the greatest likelihood of loss, yet it can normally be 40% of a business’s assets- this leaves businesses exposed to a certain amount of risk.
The costs of pursuing or defending yourself in copyright, patent, or trademark infringement lawsuits can be jaw-dropping. Even in cases where the amount in controversy does not reach seven figures- litigation costs can be over a half million dollars.
A popular theme in a story- written or film- is that of a shady contract. One where the main character(s) don’t realize that they are signing their life away or entering into a lose-lose situation by not reading or understanding the fine print. From children’s movies like Willy Wonka & the Chocolate Factory to the very adult 50 Shades of Grey, the importance of reading the fine print and fully understanding the risks in a contract touches on a nerve that many of us fear- That we are going to be deceived and lose it all.
