A letter of intent, also known as a heads of agreement, is often used by parties before entering into a formal contract. While such a letter can be a useful tool to maintain momentum during a commercial transaction, the document itself has been the centre of many disputes over the years.
We give an overview on why parties may wish to use a letter of intent, and the downsides that could lead to business losses and commercial disappointment.
Who are the ‘children of the settlors’?
In the recent case of Re Merona Trustees Ltd, the High Court was asked to determine who the beneficiaries of a trust were as it was not clear who was intended by the phrase the ‘children of the settlors’ that was in the trust deed.
Who really wants to be a trustee?
Are you a trustee of a family trust, or considering becoming one? If so, you need to be familiar with the obligations you are taking on when agreeing to act as a trustee. You should also have a clear understanding of the risks that you are exposed to when you agree to act as a trustee.
Business briefs
Employment Court rules four Uber drivers are employees; Facial recognition and the Privacy Act: balancing security and individual rights; Cartel conduct: Commerce Commission warns eight freight forwarding companies
What is the PPSR?
If you or your business leases or sells goods on credit terms, or if you have lent money to a third party, you should seriously consider registration on the PPSR in order to protect your business or yourself.
Letter of intent
A letter of intent, also known as a heads of agreement, is often used by parties before entering into a formal contract. While such a letter can be a useful tool to maintain momentum during a commercial transaction, the document itself has been the centre of many disputes over the years.
We give an overview on why parties may wish to use a letter of intent, and the downsides that could lead to business losses and commercial disappointment.
Over the fence
Increase in Recognised Seasonal Employer visas; Updates to intensive winter grazing requirements; Proposed changes to the dairy and cattle code of welfare
Protecting productive land
Over the next three years, every regional council must map any land that is designated ‘highly productive land’.
Trusts and succession
The Trusts Act 2019 imposes mandatory and default duties on trustees. We give trusties a steer on how to plan for this situation.
Property briefs
Victims of domestic violence can terminate tenancies; Body corporate rules beefed up; Buying a property with unconsented works
Vendor obligations after signing an agreement for sale and purchase
A case heard in the Supreme Court earlier this year presents a cautionary tale for property sellers.