You began the mediation or negotiation with energy, focus, and drive. You presented your position and listened to the other guy. Now, after hours of back-and-forth, the deal is almost done, save for signing an agreement. But, it’s late, your energy is gone, and you’re focused on driving home.
Wait! Don’t leave yet! “Don’t put off for tomorrow what can (and should) be done today.”
Someone else like you recently succeeded on a simple, two-page “Term Sheet” at the end of a single-day, 12-hour mediation. That Term Sheet was the best thing between efficiently winning a multi-million dollar dispute and potentially losing in litigation.
Next time you close a deal, get the essential terms on paper and signed by all parties before it’s Miller Time. Essential terms may include: price, time for payment, releases, warranties, confidentiality terms, and signatures. You’ll avoid headaches and needless cost when you do.
If possible, draft an agreement among all parties before the mediation or negotiation session begins so you’re not doing it with a foggy head in the wee hours of the morning.
Roads & Bridges | Award Upheld in W. Va. Caisson Dispute
AWARD UPHELD IN W.VA. CAISSON DISPUTE
Federal court reinforces high bar for overturning arbitration
In 2018, the West Virginia Department of Highways (DOH) awarded […]
Roads & Bridges |Let the Contract Lead
LET THE CONTRACT LEAD
Documents offer guidance needed to manage risk without derailing projects
Construction is an industry of managed risk. Whether the prices […]
Roads & Bridges | When is an Invoice Really an Invoice?
WHEN IS AN INVOICE REALLY AN INVOICE?
All court decisions are opinions. Appellate court decisions are typically made by a panel of three […]
Roads & Bridges | Clarifying Punitive Damages
CLARIFYING PUNITIVE DAMAGES
In June 2021, the South Dakota Department of Transportation contracted for the demolition and construction of a bridge on State […]
Roads & Bridges | When Approximate Means Assumed Risk
WHEN APPROXIMATE MEANS ASSUMED RISK
A New York Court Shows How Performance Specifications Can Leave Contractors Holding the Bag
Sometimes when we are told […]
Roads & Bridges | From Roman Arches to AI
FROM ROMAN ARCHES TO AI
Can Construction Evolve Without Risk?
The construction industry blends old with new. From ancient Roman archways and aqueducts and […]
Roads & Bridges | Caught in the Middle
CAUGHT IN THE MIDDLE
New Mexico bridge case highlights the importance of written agreements for changes and delay compensation
In construction contracting, hope for […]
Roads & Bridges | Wait and It’s Waived
WAIT AND IT’S WAIVED
Roads & Bridges | Supreme Court Ruling on Arbitration Delay
Don’t wait to arbitrate! Progressing too far down the litigation […]
Roads & Bridges | Court Defines When Contractors Can Withdraw Due to Mistakes
BIDDING BLUNDER
Roads & Bridges | Court Defines When Contractors Can Withdraw Due to Mistakes
For over 125 years, the vast majority of jurisdictions […]
