This week, I thought about delving into a specific type of contract. But then, I figured it might make more sense to first go over the basics of what a contract actually is.
During a recent podcast episode I mentioned the term fiduciary duty and a listener followed up asking what it is. It’s a good question and one that takes some thought for a lawyer to translate from “legalese” because we have been so deeply exposed to the concept that it becomes challenging to clearly describe. But here in this blog post and podcast episode I’ll try.
You performed work on a private construction project in Texas and you’re wondering how long until you receive payment. In Texas, chapter 28 of the Property Code governs this situation. It’s called Prompt Payment to Contractors and Subcontractors. It regulates the time limits and interest penalties on all private construction projects within the state.
Your commercial tenant abandoned the building; then you sold the building which was demolished by the buyer. Although you sent the required certified mail to your former tenant advising that the remaining property would be disposed of, you no longer have proof that you sent the certified mail. Now the tenant pops up claiming you wrongfully disposed of their property and that they are going to sue you if you don’t pay.
So, Should You Pay?
As a business grows, an occasional dispute becomes more likely. Although disputes present themselves in all shapes and sizes, generally, a prudent approach is to strive to resolve the dispute favorably and quickly so that the business can focus its limited resources (of time, attention, and cash) on providing value, earning money, and identifying opportunities. …