Contracts help to define a variety of different types of relationships, including many business relationships. As such, contracts set forth obligations and duties that the parties owe to one another and have mutually agreed upon. In general, a breach of contract is a violation of a contract obligation. When a party to the contract fails to perform the obligations defined in the contract, a contract breach may have occurred.
Established private companies that are wishing to go public can often same significant time by using a reverse merger as opposed to making an initial public offering. An IPO can take months or years, while going public through a reverse merger can take as little as a few weeks.
New York residents may be familiar with shoe designers Nike and Adidas, but they may be surprised to hear about allegations that former designers for Nike may have stolen commercial secrets. The three individuals accused were once senior footwear designers for Nike. The company alleges that the individuals conspired to use its intellectual property in violation of non-compete agreements. In September, Adidas announced its plans to employ these individuals in a Brooklyn studio for shoe design.
When a business and a customer execute a sales contract, the customer generally promises to pay a specific amount of money and the business agrees to deliver a service or product. Once the agreement is signed, the document then becomes legally binding.
New York City is home to a number of venture capital firms, and every year, they provide financing that allows entrepreneurs with innovative ideas to start or grow their businesses. This financing would usually be considered too risky for more conservative lenders, and venture capital is often offered with high rates of return in mind.