Both the Russian and French courts considered asymmetric clauses to be inequitable and as such, invalid. In light of these decisions, caution should be exercised whenever you are considering incorporating an asymmetric clause.
In the recent decision of Nottawasaga Inn. Ltd. v. R. (2014 DTC 1021), the Tax Court of Canada (“TCC”) held that it had no jurisdiction to hear an appeal from a reassessmentof arrears interest where there exists a nil assessment of taxes and the sole basis for the appeal is not the calculation of the interest itself but the computation of the underlying taxable income on which the interest was calculated.
This primer is a World Bank report on gender equality.
The aim of a liquidated damages clause is to specify in advance the indemnification for a party that suffers from a breach of contractual obligations. Non-performance of a contract, without any evidence of actual damage, is grounds for pre-estimated compensation. This clause obviously limits the necessity to seek indemnification in court and is in demand in business contracts. However, if challenged, its efficiency may be greatly reduced by the intervention of a judge who has the power to modify the amount of the compensation determined in the contract. The distinction between liquidated damages and penalty clauses has a greater impact in common law countries than in those influenced by Civil Code tradition. This QuickCounsel assesses several court decisions in various European countries that bring to light these differences.
Using analytics and 'big data' to improve litigation spend management and case outcomes.
A recent Portuguese law implemented important modifications to tourism. This article aims to highlight in a non-exhaustive manner the changes that are of most consequence.
Last year, the Internal Revenue Service published Ordinance 1,793/2013, which lays out new criteria for monitoring high-value corporate taxpayers. The goal is to increase tax compliance and tax revenue. This article views which taxes are covered by the corporate tax monitoring programme.
Digital communications and electronically stored data come with inherent vulnerabilities and the potential for employer liability. Harnessing the power of the digital age while controlling workplace risks is a challenge. The notion of electronic communications and social media in the workplace has changed drastically over the past decade, morphing from activities employers often sought to limit to required activities of one’s job in many occupations, including those that will help grow the business. This InfoPAK covers laws impacting privacy and data security and best practices for reducing workplace information risk. It also discusses the particular benefits and risks of the company’s use of social media and social networking technologies. Finally, it looks at the issues in employment litigation arising out of digital information and communications.
The Anti-Corruption Law entered into force in Brazil last month. Under the new law, parent companies, subsidiaries, other affiliates and consortiums are jointly and severally liable for payment of fines and indemnification of damages resulting from unlawful acts. Read this article for further discussion of the main matters covered by the new law.
On average around the world, starting a business takes 7 procedures, 25 days and costs 32% of income per capita in fees. To operate and expand, the firm will need financing—from shareholders or from creditors. Raising money in the capital market is easier and less costly where minority shareholders feel protected from self-interested transactions by large shareholders. Good corporate governance rules can provide this kind of protection. But among the 189 economies covered by this article, 46 still have only very limited requirements for disclosing majority shareholders’ conflicts of interest—or none at all. In recent years, there has been remarkable progress in removing some of the biggest bureaucratic obstacles to private sector activity. Yet small and medium-size enterprises still are subject to burdensome regulations and vague rules that are unevenly applied and that impose inefficiencies on the enterprise sector. Learn more about the specific regulatory obstacles small and medium-size enterprises must navigate.