Remedies Provisions in Commercial Real Estate Sales Contracts
Strategies for Buyers and Sellers Negotiating and Enforcing Default Clauses
Recording of a 90-minute CLE webinar with Q&A
Conducted on Tuesday, May 31, 2011
Recorded event now available
This CLE webinar will provide guidance to real estate counsel for negotiating and enforcing default and remedies provisions in commercial real estate purchase and sale agreements.
Description
Default and remedies clauses—formerly treated as boilerplate clauses drafted without serious scrutiny or consequence—have become heavily negotiated provisions in commercial real estate purchase contracts. Remedies provisions are also now being tested in disputes regarding failed real estate deals.
Buyers and sellers both run the risk of defaulting on a real estate purchase contract and exposing themselves to a range of potential remedies, including specific performance and financial damages. Thoughtful evaluation of all possible remedies is critical during contract negotiation.
When a contract is breached, the defaulting party and non-defaulting party may encounter legal and practical challenges when trying to enforce their remedies. Counsel must act strategically to maximize recovery for the non-defaulting party or protect the defaulting party against excessive damages.
Listen as our authoritative panel of real estate attorneys provides strategies for buyers' and sellers' counsel negotiating default and remedies provisions in commercial real estate purchase and sale agreements. The panel will discuss the impact of the economic crisis on the negotiation process and offer best practices for counsel to protect their clients' interests during contract negotiation and remedy enforcement.
Outline
- Current market trends
- Trends in failed real estate deals
- Trends in commercial real estate purchase negotiations
- Default and remedies negotiation and enforcement
- When has default occurred?
- Common remedies for default
- Negotiation considerations and strategies
- Enforcement considerations and strategies
- Remedies related to Special Purpose Entities
Benefits
The panel will review these and other key questions:
- How have current market conditions affected terms of real estate purchase agreements, particularly default and remedies clauses?
- When is default of a commercial real estate sales contract considered to have occurred? What are the most commonly negotiated remedies for default?
- What best practices should counsel to buyers and sellers use when negotiating default and remedies clauses?
- What legal and practical challenges do buyers and sellers counsel face when seeking to enforce default and remedies clauses—and how can they overcome them?
Faculty
Larry N. Woodard, Shareholder
Robbins Salomon & Patt,
Chicago
He has represented Fortune 500 companies, private developers, condominium associations, units of local government, investors, landlords, tenants, private REITs and syndications in the development, financing, leasing, zoning, acquisition or disposal of their real estate interests. He has experience negotiating and documenting a broad range of transactional matters.
Ordering
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Kenneth J. Clarkson
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Real Estate Law Advisory Board
Partner
Ballard Spahr
Partner
Stroock & Stroock & Lavan
Partner
Robinson & Cole
Of Counsel
Jenner & Block
Partner
Bryan Cave
Of Counsel
K&L Gates
Counsel
Kilpatrick Townsend & Stockton
Partner
Jones Day
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