Chino Hills Non-Profit Attorneys & Lawyers

What Is Specific Performance?

Specific performance is the legal concept that anyone who signs a contract is bound to the terms of the contract. It encompasses the idea that all parties to a contract are bound by the exact terms stated in that contract and that there are remedies that a wronged party can pursue when someone is in breach of those terms. These remedies include filing a lawsuit to collect damages or seeking a court order requiring the infringing party to live up to their obligations. The latter remedy is specific performance. 

Specific performance remedies require taking a hard stance as to the language in the contract. It is important because it carries the weight of the courts behind it to hold contractors to their agreements. If a party fails to uphold their end of the bargain, they can be fined, held in contempt of co

...

Updated July 8, 2020:

What is a Special Purpose Vehicle?

A special purpose vehicle (SPV) is a subsidiary of a company which is protected from the parent company's financial risk. It is a legal entity created for a limited business acquisition or transaction, or it can be used as a funding structure. It is sometimes called a special purpose entity (SPE).

An SPV has assets, liabilities, and a legal status outside of the obligations of the parent company. The primary purpose of an SPV is to carry out a specific business activity outside of the parent company, therein protecting the parent company from risks such as bankruptcy and insolvency issues.

Why is a Special Purpose Vehicle Important?

SPVs are formed as limited partnerships, trusts,

...

Net 30: What Is it?

Net 30 is an invoice payment phrase that means the customer must pay the entirety of their bill in 30 days or fewer. Often if the customer does not pay within the 30 day period, interest is charged.

Not all clients will understand what net 30 means, so it is important to make a note somewhere on the invoice to let first-time clients know what is expected. If you have not received payment and the deadline for the net 30 payment is approaching, it is good practice to issue a reminder to your customer.

Advantages of Offering Net 30

• As the seller, offering Net 30 to your customers shows that you trust them. Some large companies and government agencies demand Net 30 terms from their suppliers, so offering Net 30 terms to your clients allows you to maintain a competitive edge against other businesses in your niche.

• As the customer, Net 30 is great

...

Updated October 27, 2020:

What Is Trademark Licensing?

Trademark licensing is the process by which a registered trademark owner, called a licensor or proprietor, allows another party, called a licensee, to make and distribute specific products or services under the licensor's trademark agreement. Trademark licensing is a type of merchandise agreement.

The licensor receives a certain amount of money or royalties, a percentage of all sales, in exchange for sharing the trademark. This compensation is also called consideration. Fashion and consumer products concerned with sports and entertainment are often sold under a trademark licensing agreement.

The licensee usually creates a trademark licensing agreement, but a licensor can also

...