Identify the risks and potential benefits to screen printing

Assignment Help Business Law and Ethics

Reference no: EM133454996

Assignment:

You are the Chief Contracting Officer for Screen Printing, Inc., which is considering borrowing $100,000 pursuant to the following Loan Agreement and Promissory Note.

Download Loan Agreement and Promissory Note. The Board of Directors has asked you to review the agreement and to translate Section F. 4) into plain English. The Board is worried about attorneys fees and out-of-pocket costs and want to fully understand the relevant provision:

F. Additional Provisions Regarding Default.

Indemnification of Attorneys Fees and Out-of-Pocket Costs. Should any party materially breach this agreement, the non-breaching party shall be indemnified by the breaching party for its reasonable attorneys fees and out-of-pocket costs which in any way relate to, or were precipitated by, the breach of this agreement. The term "out-of-pocket costs", as used herein, shall not include lost profits. A default by BORROWER which is not cured within 15 days after receiving a written notice of default from LENDER constitutes a material breach of this agreement by BORROWER.

Question

Please rewrite the provision above into plain English

In doing so, make sure that you clearly identify the risks and potential benefits to Screen Printing, Inc, from the Indemnification of Attorneys Fees and Out-of-Pocket Costs provision.

Reference no: EM133454996

Questions Cloud

How influence the development of networked e-business : Explain how the Big Five influence the development of networked e-business.

Will the remedy rabe seeks in either case be a remedy at law : Will the remedy Rabe seeks in either case be a remedy at law or a remedy at equity? What is the difference between legal and equitable remedies?

When is a search permitted if a person is arrested in a car : When is a search permitted if a person is arrested in a car?

How did an agency relationship exist between any of parties : Warren subsequently filed a suit against Merrill and Charmaine. Did an agency relationship exist between any of these parties and how?

Identify the risks and potential benefits to screen printing : Identify the risks and potential benefits to Screen Printing, Inc, from the Indemnification of Attorneys Fees and Out-of-Pocket Costs provision.

How to understand tier1 tier2 : How to understand tier1 tier2? Element of tire1 capital and tier2 capital of Myanmar financial institution?

What do you believe is most effective motivational theory : What do you believe is the most effective motivational theory?

Describe time management skills : How would you describe your time management skills? Why? What are your top three priorities when you manage your time? Explain.

How does vicarious liability apply : How does vicarious liability apply? Are businesses responsible for all actions of employees and agents? Where is the line drawn?

User Account

All Pages