When many employers hire an employee that will have access to valuable internal information, they ask them to sign a noncompete agreement. Noncompetes (also known as restrictive covenants), offer an excellent means of protecting the financial interests of the business, if done right. However, if the court does not later uphold the noncompete because it is invalid, it does the business no good. As a result, it is important for business owners to have a basic understanding of the law regarding noncompetes in New Jersey in order to avoid this problem.
Contracts in New Jersey come in a wide variety of different forms. It is imperative for proper business function to identify the proper type of contract for any situation and deploy it correctly. Any contract must follow the law correctly if it is to be regarded as legally binding on either party.
Whenever a business transaction occurs, a business owner and a customer both agree to the conditions and terms of the sale. Typically, those provisions are outlined in a sales contract that becomes legally binding to both parties. The contract represents the seller's promise to make good on the offer of sale to the customer, and the customer consents to make payment for the item. Business owners in New Jersey may be interested in learing about the consequences for failing to uphold the terms of a contract.
New Jersey residents may benefit from learning more about the dangers associated with oral contracts. More often than not, people participating in contracts are typically advised to get the terms documented in writing. Many law students are taught that a contract does not exist unless it is recorded in written form. Identifying the purpose or intent of the agreement is one of the first steps towards establishing a contract between separate parties.
A construction company based in the borough of Wood-Ridge filed a lawsuit in New Jersey on July 7 in an attempt to get the award for a $66 million contract overturned. The plaintiff claims that the winning bidder of the contract doesn't have the electrical subcontractor required to complete the project. The company claims that otherwise, it would have been the lowest bidder for building the new justice center. The project will be the largest in Bergen County history, totaling $147 million.
With the state of the economy seemingly forever in flux, it can be a challenge for some businesses to stay afloat. This is not made any easier when those you do business with renege on their agreements. A breach of contract can be harmful for all involved and remedying such matters can be both costly and time-consuming. In a recent case in New Jersey, Trenton has been fined for not settling debts with a paving contractor.
Business contracts can only work when all parties involved understand and uphold their side of the deal. When the terms of a contract are not abided by, it can be hugely detrimental to the other businesses involved. Furthermore, resolving contract disputes can be a lengthy process, costing valuable time and money for all concerned. In New Jersey, a minority-owned contracting firm has been embroiled in such a dispute since the end of 2012.
Negotiating any form of business contract can be a complicated process. The larger the scale of the deal, the more parties may be involved and the harder the matter can be to settle. An added level of difficulty arises if one or more of the parties do not honor their part of the agreement. Having previously faced contract litigation in New Jersey, Fortis Property Group has recently bid on a failing hospital located in New York.
When a contract is formed between parties, it is often assumed that everyone involved will honor their side of the agreement. Unfortunately, this is not always the case. When things don't go according to plan, significant disputes may arise due to perceived breaches of contract. Such a situation arose in New Jersey, where one firm is in an ongoing dispute with the state’s administration over work done in the wake of Hurricane Sandy.
Most of us do it. We wake up, grab a cup of coffee and then head out the door to work. We then work our shift and head home, with the process repeating again the next day. But what happens when going to work isn’t that simple? What if your employer makes changes to your contract without your approval, or alters something that is in your employment contract?