Business

To Indemnify, Hold Harmless and Defend; Frequently Used and Frequently Misunderstood Contract Terms – Let’s Review

06/04/2019Nicholos, George M.

Contract terms addressing indemnity and requirements to hold another harmless or responsible for the defense of another are contract terms that appear in virtually all construction contracts.  Despite their almost universal incorporation, they are frequently misunderstood! Everyday business decisions are made, and contracts incorporating these terms are signed, yet these terms are often misunderstood, not… Read more »

Patent Trolls – What Businesses Need To Know

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01/17/2019Gallo, Jonathan V.

One day, you receive a letter from a company or law firm accusing your business of patent infringement.  The letter states that in order to avoid a costly lawsuit, you must pay the company a licensing fee.  You ask yourself whether this is some type of scam and you consider simply throwing the letter away… Read more »

The Small Business Runway Extension Act Of 2018

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01/04/2019Sterling, Michael L.

Under the Small Business Runway Extension Act of 2018, the measure for small business qualification is the average of five years’ gross receipts, instead of the previous average of three years. Many contractors will now retain small business status for a longer period. However, according to the SBA the change is not currently effective. See… Read more »

SBA Rules On SDVOSB Ownership And Control

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10/16/2018Ostroff, Gretchen M.

The Department of Veterans Affairs (VA) and the United States Small Business Administration (SBA) each has its own service-disabled veteran-owned small business (SDVOSB) contracting program. Until recently, the VA and SBA programs were subject to different sets of eligibility rules. Effective October 1, 2018, SBA revised its eligibility requirements for the SBA service-disabled veteran-owned small… Read more »

Recent Change To Rights Of SDVOSB Minority Owners

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10/15/2018Ostroff, Gretchen M.

The Department of Veterans Affairs (VA) and the United States Small Business Administration (SBA) each administers its own service-disabled veteran-owned small business (SDVOSB) contracting program. Until very recently, each program was subject to its own set of rules. Disparities between the eligibility requirements of the VA’s “Vets First” program and the SBA’s Service-Disabled Veteran Owned… Read more »

What Type of Entity is Right for Your Business?

Type of Business Entity

03/16/2018Crouch, Richard J.

You may have noticed that various real estate acquisition firms, developers, builders, landlords, tenants, and leasing and management firms conduct business in a wide range of entities, but why do they do so and what are the important issues to consider when choosing an entity for your business?  The factors you should always consider before… Read more »

THE INFORMATIONAL RIGHTS OF MINORITY SHAREHOLDERS IN VIRGINIA

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03/16/2018Vandeventer Black

Although minority shareholders of Virginia stock corporations have little power to elect directors or sway corporate policy, they—or their attorneys or agents—do have some basic informational rights, set out in Sections 13.1-770 through 13.1-773 of the Code of Virginia, to “inspect and copy” certain documents if they give at least 5 business days’ notice to… Read more »

DON’T LET “NON-BINDING” AGREEMENTS ACTUALLY BIND YOU

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03/16/2018Vandeventer Black

More often than I like, my first contact with a prospective borrower from a bank is when I am e-mailed a copy of a signed commitment letter.  In some cases, that commitment letter was preceded by a term sheet that I also didn’t see.  Similarly, often my first contact with the buyer or seller of… Read more »

BUSINESS RESOLUTIONS FOR THE NEW YEAR

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01/16/2018Vandeventer Black

You probably made several New Year’s resolutions in your personal life, but did you make any for your business? Here are ten resolutions to consider for 2018: Review your subcontracts and purchase order terms and conditions and revise them to meet your business requirements. Meet with your insurance advisor to review your insurance program. Verify… Read more »

Writing Off Bad Debt

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12/08/2017Vandeventer Black

It is an unfortunate fact of life that businesses often have difficulties collecting debts. It is important that businesses take proactive steps to address their bad debt so that they can either collect the debt or obtain the benefit of a tax deduction. The Internal Revenue Code (as of the date this article was published)… Read more »