The following Risk & Compliance precedent provides comprehensive and up to date legal information covering:
Consider seeking external advice
Given the complicated nature of most sanctions regimes, the potential for offences to have been committed across multiple jurisdictions, and the complex position in relation to privilege and in-house lawyers, it is often prudent to seek specialist advice from external lawyers as soon as a breach is detected.
Cease dealing with the sanctioned entity/person/funds/etc
You should cease dealing with the sanctioned entity/person/funds etc immediately.
Suspend the transaction but do not return funds to the sanctioned entity or person.
If funds have arrived in the UK from a designated person outside the EU, government policy requires these funds to be frozen on arrival in the UK.
Begin a response audit trail
In the immediate af
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Practical completion marks the end of the construction period of a project, when the works are 'finished' and the employer can occupy and/or use them. Practical completion also typically marks the start of the defects liability period/maintenance period.As explained below, practical completion is an
An ad hoc arbitration is any arbitration in which the parties have not selected an institution to administer the arbitration. This offers parties flexibility as to the conduct of the arbitration, but less external support for the process. It can be quicker than institutional arbitration but not if
The right to notice means a right for the employee to remain in employment for the period of notice, not simply to be paid for it. An employer will therefore often include in the contract an express right to make a payment in lieu of notice ('PILON') as an alternative to giving notice, to ensure
STOP PRESS: The Corporate Insolvency and Governance Act 2020 contains provisions which, on a temporary basis (presently until 31 December 2020) impose significant limitations on the ability for a creditor to seek a winding-up order against a company. For further reading, see Practice Note: Corporate
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