Options definition

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Option agreements—acting for the buyer—checklist

Option agreements—acting for the buyer—checklist Call or put option? In a 'call' option the buyer will have control in that it may call for a transfer of the property. A 'put' option gives the seller control in that it can require the buyer to take a transfer of the property and therefore the buyer should be especially vigilant in ensuring that the terms for the transfer (particularly those relating to valuation and, if appropriate, insurance) are as favourable as possible. Seller's charges If the property is already mortgaged at the date of grant of the option agreement, there is a risk that the mortgagee may overreach the option by exercising its power of sale. Therefore ensure that the mortgagee either: • joins into the agreement (this is rare in practice), or • provides written consent to the granting of the option In either case, the mortgagee should confirm that if the buyer exercises the option it will acquire the property free from the charge or, if the mortgagee...

Redundancy—individual consultation checklist for employers

Redundancy—individual consultation checklist for employers This Checklist outlines steps to be taken in individual redundancy consultation, whether or not consultation has also taken place at a collective level. It sets out practical considerations involved in planning a redundancy process and covers what should be discussed at open meetings with affected employees, what should be included in letters to affected employees, what should be discussed at individual consultation meetings, what should be included in the notice of dismissal and information to be given about the right of appeal. For further guidance on individual redundancy consultation obligations generally, see Practice Notes: Redundancy—fair procedure: individual consultation and How to carry out individual redundancy consultation. This Checklist assumes that the employer has determined whether collective consultation is required (see Checklist: Redundancy—collective consultation checklist for employers—Identify redundancy situation). This Checklist is to be used: • where there is an obligation to consult collectively as, even where that obligation is fulfilled, the employer must still consult individually with the employees • where there is no obligation...

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Choosing a termination right—flowchart

Choosing a termination right—flowchart This Flowchart illustrates the issues to be considered when choosing a method for termination of a commercial contract. It covers rights to terminate at common law for repudiatory breach and contractual rights to terminate, contract breach and no fault termination scenarios. It is important to remember that rights to terminate a contract may arise at common law (for example, in the event of repudiatory breach) and under the express terms of the contract. Where an agreement is silent as to contract termination, in the event of a dispute, the courts will apply common law principles. To avoid uncertainty, parties often include express contractual clauses which provide for the termination of a contract. In general, contractual rights to terminate are in addition to, and not in substitution for, common law rights (unless common law termination rights are successfully excluded by express terms). Termination should not be attempted without fully understanding the different options available to a party and the consequences of attempting to terminate. Where more than one right to terminate is available, carefully consider

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Managing conflicts of interest in pensions

Managing conflicts of interest in pensions THIS PRACTICE NOTE APPLIES TO TRUST-BASED OCCUPATIONAL PENSION SCHEMES Legal requirements in relation to conflicts of interest Pension scheme trustees have a duty to act in the best interests of the scheme's beneficiaries. However, trustees may owe duties to other parties or have personal interests which conflict with that duty. It is a general principle of trust law that trustees should not put themselves in a position where their duty to act in the best interests of beneficiaries conflicts with duties that they owe to other parties or with their personal interests. If trustees make decisions while subject to a conflict of interest that has not been appropriately managed, there is a risk that those decisions may be challenged by scheme members or overturned by the courts. It is important that the members of a scheme should perceive a conflict or potential conflict as having been properly managed. The directors of a company that acts as a trustee of a...

E&W Brussels I (recast)—the harmful event for specific tort and delict claims (art 7(2)) [Archived]

E&W Brussels I (recast)—the harmful event for specific tort and delict claims (art 7(2)) [Archived] ARCHIVED: This Practice Note has been archived and is not maintained. This Practice Note considers the requirement for a harmful event to enable a court to have special jurisdiction under Article 7(2) of Regulation 1215/2012, Brussels I (recast). It then considers what is a harmful event when considering specific types of claims: economic loss, damaged or defective goods, personal injury claims, intellectual property claims, actions for inducing breach of contract as well as other types of claims. For guidance on the general principles that apply when dealing with tort and delict claims under the regulation, see Practice Note: E&W Brussels I (recast)—tort and delict claims (art 7(2)) [Archived]. For guidance when dealing with contract claims under the regulation, see Practice Note: E&W Brussels I (recast)—contract claims (art 7(1)) [Archived]. Impact of UK’s departure from the EU Following exit day (ie 31 January 2020), the UK became a third state in respect...

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Ireland—data protection impact assessment—artificial intelligence

Ireland—data protection impact assessment—artificial intelligence DPIA screening questionnaire The screening questionnaire should be a concise document and not overly burdensome on the business. However, it needs to provide sufficient information to the DPO/Privacy POC to decide if a DPIA needs to be completed. Like the DPIA itself, the screening questionnaire will be drafted by a multidisciplinary team within the business. All completed screening questionnaires should be approved, time stamped and retained by the DPO/Privacy POC. Where a DPIA is required, it should be kept with the screening questionnaire to avoid duplication. The DPIA template is a continuation of the screening questionnaire. While the screening questionnaire and the DPIA detail AI use in accordance with EU GDPR requirements, companies deploying AI systems also need to factor in their obligations under additional relevant legislation, such as the requirement to carry out a fundamental rights impact assessment (FRIA) under the EU AI Act. While outside the scope of this document, information gathered as part of the screening questionnaire / DPIA exercise will be...

Ireland—Execution clause—limited partnership—deed

Ireland—Execution clause—limited partnership—deed Execution clause—limited partnership (Ireland)—Deed (drafting notes) These precedent execution clauses are for use by a limited partnership entering into a deed (rather than a simple contract). Four alternative execution clauses are given for a deed executed by: • an individual general partner in the presence of a witness • a person at an individual general partner’s direction given in the presence of a witness who attests the signature • an individual general partner whose signature is acknowledged by them in the presence of a witness who attests the signature • a corporate general partner Limited partnership The Limited Partnership Act 1907 (Ireland) (LPA 1907 (IRL)) provides for the creation of a partnership in which some partners have limited liability for the debts of the firm. Their liability is limited to the extent of their contribution. LPA 1907 (IRL), s 4 provides that a limited partnership must consist of at least one general partner and one limited partner. The partnership should not generally consist of more than 20...

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A litigant in person has filed a list of documents for disclosure but has not filed a disclosure statement. Does CPR 31.21 apply and is there an automatic sanction for failure to provide a disclosure statement? Can the litigant rely on the documents without permission from the court or have relief from the sanctions?

A litigant in person has filed a list of documents for disclosure but has not filed a disclosure statement. Does CPR 31.21 apply and is there an automatic sanction for failure to provide a disclosure statement? Can the litigant rely on the documents without permission from the court or have relief from the sanctions? Disclosure statement CPR 31.10 sets out the procedure for giving standard disclosure. This requires a party to make a list of documents in the relevant practice form (N265) which includes a disclosure statement (see the annex to CPR PD 31A). CPR 31.10(5) requires a list of documents to include a disclosure statement which should indicate the individual statements listed in CPR 31.10(6): • setting out the extent of the search undertaken to locate documents to be disclosed • certifying that the party giving disclosure understands the duty to disclose documents • certifying to the best of his knowledge he has carried out that duty Unless the parties have agreed in writing that...

Do I have time to serve an effective break notice, what form should it take and what is the method of service?

Do I have time to serve an effective break notice, what form should it take and what is the method of service? Scenario A client has just called to tell me that after some last minute management meetings, they would like to give notice urgently to end the lease of their HQ. The break clause states the following: ‘If the Tenant wishes to determine this Lease on the fifth anniversary of commencement of the Term and gives to the Landlord at least 6 months' prior written notice of that wish, then on expiry of the notice the Term is to cease and determine immediately, but without prejudice to any rights or remedies that may have accrued’ The Term commenced on 1 March 2009. It’s 2.30pm on Friday, 30 August 2013. Can I still serve notice effectively and what should I put in my notice? Timing • Determine what is the fifth anniversary of the Term. If the Term commenced ‘on’ (rather than ‘from’ 1 March 2009),...

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TMT weekly highlights—19 June 2025

Welcome to this week’s edition of the TMT weekly highlights: a hand-picked summary of news analysis, updates and new content from across the technology, media and telecoms sectors. These highlights focus on key topics including new technologies, software, cloud computing, internet, outsourcing, music, film & television, publishing, defamation and telecoms.

Competition weekly highlights—19 June 2025

This week's edition of Competition weekly highlights includes, from a UK perspective: (1) a High Court ruling dismissing a toy manufacturer’s damages claim but finding that MGA abused its dominant position and made unjustified patent threats, and (2) the CMA’s decision to update its procedural complaints guidance. This week's highlights also includes, from an EU perspective: (1) the Commission’s proposals for simplification to speed up defence investments in the EU, (2) an AG opinion concerning a national reference from Portugal on the interpretation of provisions in the Damages Directive governing actions for damages under national law for infringements of competition law, and (3) the Commission’s decision to publish a Revised Code of Best Practices for conduct of State aid control procedures.