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 | All According to Plan
ALL ACCORDING TO PLAN | Exact Measurements Go a Long Way
In December 2013, a contractor agreed to replace four bridges for the […]
Roads & Bridges | Connecting the Dots
CONNECTING THE DOTS | Showing Causation in Contracting Cases is Critical
In this asphalt case, the prime contractor agreed to perform a $13 […]
Roads & Bridges | Liquidated Damages
LIQUIDATED DAMAGES | Penalties and What is Unenforceable
Liquidated damages typically flow from delays, but they are not always solidly enforced.
In June 2017, […]
Roads& Bridges | Warranty Provisions
WARRANTY PROVISIONS | Contracts must be interpreted thoroughly to avoid absurd results
You are responsible for things within your control. Be careful if […]
Roads& Bridges | The Agreed Price
THE AGREED PRICE | This case stands as a warning about pay-if-paid clause
History cannot be rewritten and a bad, but legal, […]
Roads& Bridges | Confusing Waters
CONFUSING WATERS | A Supreme Court ruling leaves room for ambiguity
What happens when there may be a “significant nexus” between “adjacent” and/or […]
Roads & Bridges | Authority Defined
AUTHORITY DEFINED | The Law of Agency is Important to Understand
For any project, this Russian proverb is helpful: Doveryay, no proveryay – […]
Jurisdiction is Power
Not bad power, but the ability of a decision-maker (e.g., court) to decide which side is right (or which is more correct). […]
Roads & Bridges | Defining Labor
DEFINING LABOR | How the Miller Act continues to shape the industry
In the late 1700s, risks of nonpayment caused a shortage of […]
